Morgan Stanley downgraded Novo Nordisk (NVO) to Underweight from Equal Weight with a price target of $47, down from $59. The firm sees slower weight loss prescription growth in the U.S. and competitive pressures driving downside revisions to Novo’s 2026 and 2027 consensus estimates. The lack of momentum in U.S. prescriptions for Wegovy, Ozempic and Rybelsus make Morgan Stanley cautious on the company’s short-term growth profile. Novo has a lack of catalysts with downside risk over the next six months, the analyst tells investors in a research note.
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