Novo Nordisk price target raised to DKK 975 from DKK 875 at BofA

BofA raised the firm’s price target on Novo Nordisk to DKK 975 from DKK 875 on higher confidence in growth, while keeping a Buy rating on the shares. Ahead of Novo’s bi-annual CMD on March 7th, the firm says it continues to believe the magnitude of Novo’s capex is an under-appreciated barrier to mid-term branded competition, and potential biosimilars. BofA further thinks PI amycretin data will be forthcoming at the CMD. Novo continues to suggest efficacy data for oral amycretin is best in class and potentially sees a two-tier oral market. BofA also believes Novo may provide some view of obesity market segmentation. Pipeline beyond GLP1, with under-appreciated PIII assets, including MIM8, ziltivekimab and ocedurenone, the firm adds.