Jefferies has upgraded Novo Nordisk to hold, from underperform, and raised its target price from 270 to 275 Danish kroner. This is according to a new analysis reviewed by Investing.

The bank believes that most of the short-term risks are now reflected in the share price, after consensus forecasts for 2027 were lowered by 20% for revenue and 30% for profit. At the same time, the stock has seen a clear downward revaluation.

Jefferies therefore sees a more limited downside, but remains cautiously positioned for 2027 in light of uncertainty surrounding the GLP-1 portfolio, increased competition, and pressured margins.

The launch of oral Wegovy in the United States will be a key factor to watch, the analysts emphasize.