Jefferies has upgraded Novo Nordisk to Hold from Underperform, citing that near-term downside risks have largely materialized after sharp cuts to consensus estimates. The broker raised its price target to 275 Danish crowns from 270 crowns following a 20% reduction in 2027 sales forecasts and 30% profit cuts.

The firm's analysts argue that headline pricing headwinds have materialized and the market now better understands margin pressures, leading to more modest risks to numbers. While the U.S. oral Wegovy launch could support near-term momentum, Jefferies remains cautious about 2027 profits due to competitive pressures and uncertainty around GLP-1 portfolio growth.

Jefferies notes that consensus numbers appear more realistic after substantial cuts, with management guidance for 2026 looking conservative in their view. The analysts urge investors to focus on overall U.S. GLP-1 prescription volumes rather than just the oral product, flagging risks that portfolio growth may disappoint and the launch could prove more cannibalistic than widely believed.