Double Upgrade to BUY
We upgrade Novo Nordisk from Reduce to Buy following significant EPS downgrades since our initiation. We now believe GLP-1 pricing will hold up for at least another 5 quarters, Ozempic will likelyexceed expectations, Victoza biosimilar risk will likely be minimal and Oral Sema could reach $7.5bn based on our analysis. We forecast 10% CAGR EPS growth and employ a SOTP approach to arrive at our DKK360 PT.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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