CFRA downgrades Novo Nordisk stock to Sell with USD 38 target

Published on 10/02/2026 at 12:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

H1 sales reached DKK 175.30 billion, up 18.00 percent at constant exchange rates. Novo Nordisk stock costs EUR 33.23 on October 2, 2026 after EUR 33.30.

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CFRA downgraded Novo Nordisk from Hold to Sell and set a USD 38.00 price target on September 23, 2026, according to MarketScreener. Novo Nordisk stock was trading at EUR 33.23 at Lang & Schwarz on October 2, 2026 at 12:08 p.m. CEST, down 0.21 percent versus the EUR 33.30 prior close.

CFRA adds pressure to the rating

The downgrade gives investors a fresh reference point as the stock remains exposed to competition in obesity medicines. The USD 38.00 target is a market assessment, not a company forecast, and it places the analyst view close to the ADR quotation reported by US markets.

Half-year sales rose on reported figures

Novo Nordisk generated DKK 175.30 billion in net sales in the first half of 2026, compared with DKK 154.94 billion in the first half of 2025. That equals 18.00 percent growth at constant exchange rates, according to Beancount. Net income reached DKK 69.55 billion in the same six-month period, versus DKK 55.54 billion a year earlier.

The latest second-quarter figures show the tension beneath the headline growth: sales were DKK 78.50 billion, up 3.00 percent at constant exchange rates, while full-year adjusted sales growth guidance stood at 0.00 percent to minus 6.00 percent. That range keeps pricing and competitive pressure central to the next results discussion.

Next results date sets the next test

The company calendar lists November 3, 2026, for the third-quarter 2026 earnings release, according to MarketScreener. The primary listing is Nasdaq Copenhagen under ticker NOVO B, where the delayed quote was DKK 252.25 on September 23, 2026.

Market capitalization was USD 166.1 billion as of October 1, 2026. For investors, the key comparison is now the gap between reported sales growth and the adjusted outlook, because the latter points to a much slower near-term operating trajectory.

EUR 33.23 keeps the stock under review

Novo Nordisk stock was trading at EUR 33.23 at Lang & Schwarz on October 2, 2026 at 12:08 p.m. CEST, minus 0.21 percent versus the EUR 33.30 prior close at Lang & Schwarz on October 1, 2026. The further course of trading is shown by the continuously updated real-time quote of Novo Nordisk stock.