Stifel maintains its Buy rating on Novo Nordisk shares, with a price target reduced from DKK 965 to DKK 955.

The analyst points out that Novo Nordisk's Q2 results led to a sharp fall in the share price, due to the disappointing performance of Ozempic and Wegovy.

Management has also failed to address concerns about net realized prices and average treatment times in the obesity market.

Nevertheless, 'if the dynamic is less favorable, the figures are unlikely to change significantly, in which case the PEG ratio of 1.7x makes the share attractive again', concludes the broker.

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