BMO cuts target for Novo Nordisk stock from USD 47 to USD 40

Published on 10/19/2026 at 09:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

BMO cut its target to USD 40 from USD 47 on October 12, 2026. Novo Nordisk stock costs EUR 34.42, 0.20 percent below Xetra close.

Analyst pressure and upcoming results

BMO Capital cut its target from USD 47.00 to USD 40.00 on October 12, 2026.
Second-quarter 2026 revenue reached DKK 78.49 billion, while net income was DKK 20.99 billion.
Novo Nordisk stock trades at EUR 34.42 at 9:39 a.m. CEST at Lang & Schwarz on October 19, 2026, 0.20 percent below the Xetra close of October 16, 2026.

Kopenhagener Hafen mit Brücken, Aquarell in Pastelltönen, nordische Atmosphäre — Novo Nordisk A/S (DK0062498333): Kopenhagener Hafenpanorama mit historischen Brücken in weichen Aquarell-Pastelltönen gemalt, Illustration mit AI erstellt.

Novo Nordisk (ISIN DK0062498333) faces a lower analyst valuation after Markets Insider reported on October 12, 2026 that BMO Capital cut its price target from USD 47.00 to USD 40.00 while keeping a Market Perform rating. The change puts valuation pressure beside Novo Nordisk's pipeline ambitions and the next quarterly report.

Why did BMO cut its target?

BMO cited difficult year-over-year comparisons and declining U.S. market share for Ozempic, according to Markets Insider. The note also said Wegovy HD injectable uptake was not fully reflected in market expectations, while growth in the Wegovy pill appeared more fully considered.

The latest reported quarter showed why the debate is material. Novo Nordisk generated DKK 78.49 billion of revenue and DKK 20.99 billion of net income in the second quarter of 2026, according to Earnings Today. Revenue was DKK 71.40 billion in the consensus comparison cited on that page, a DKK 7.09 billion gap.

Three dates changed the setup

On September 21, 2026, Novo Nordisk presented ambitions for more than DKK 150 billion of risk-adjusted pipeline sales by 2035 and more than 60 million patients by 2030, according to Globenewswire. On October 5, 2026, the company had bought B shares worth DKK 6.45 billion under its buyback program, as reported by Boerse Express. On October 12, 2026, BMO Capital cut its target to USD 40.00.

When does the next report arrive?

Novo Nordisk will announce results for the first three quarters of 2026 on November 4, 2026, at 7:30 a.m. CEST, according to the company's Novo Nordisk financial-results calendar. That report will provide the next quantified test of U.S. demand, pricing and the pipeline strategy.

Stock valuation stays under pressure

Novo Nordisk stock was 35.99 percent below its EUR 53.77 52-week high on October 19, 2026, using the latest quoted range of EUR 30.45 to EUR 53.77. The comparison highlights the market's lower valuation even as management targets new products and wider patient access.

Novo Nordisk stock was trading at EUR 34.42 at Lang & Schwarz on October 19, 2026 at 9:39 a.m. CEST, down 0.20 percent versus the Xetra close of October 16, 2026 at EUR 34.49. The further course of trading is shown by the continuously updated real-time quote of Novo Nordisk stock.