Overview

• Berenberg raised its rating on Sept. 17 and set a DKK425 target, implying about 20% upside.
• The firm shifted its sector preference to favor Novo Nordisk over Eli Lilly.
• Analysts cited earlier guidance cuts and a mid‑2024 share‑price peak that reset market assumptions.
• Berenberg expects renewed momentum under the company’s new CEO with potential catalysts in obesity and diabetes treatments.
• Shares gained after the note, with Yahoo Finance reporting an intraday rise of roughly 3% on Sept. 17.