JPM raises Novo Nordisk PT, but sticks with 'neutral' due to limited growth

Zealand Pharma A/S

25/08/2026 09:19

** J.P. Morgan raises its price target for Novo Nordisk NOVOb.CO on the back of increased long-term sales forecasts, but stays "neutral" on the stock, as growth expectations remain limited
** JPM raises its estimates for the Danish obesity drug maker's revenue in 2027-2030 by 6-7%, seeing higher growth in Wegovy pill sales outside the U.S. market
** However, it expects Novo’s revenue to remain flat in 2026, which is the upper end of the recently revised company guidance
** The broker estimates Novo's revenue to grow by just 1% in 2027, as sales of Ozempic are set to decline amid falling volumes and price cuts driven by the U.S. Inflation Reduction Act
** JPM raises its PT by 10% to 275 Danish crowns, versus Monday's closing price of 299.25 crowns
** Novo Nordisk shares rise 2.3% in morning trade; peer Zealand Pharma ZELA.CO is up 3.6%

(Reporting by Boleslaw Lasocki)
((boleslaw.lasocki@thomsonreuters.com))