Novo Nordisk: Oddo still a seller after results

(CercleFinance.com) - Novo Nordisk has published its Q4 results, which are in line with estimates in terms of sales, although are significantly below for EBIT, which is due to R&D costs.
Following this publication, Oddo maintains its Reduce rating on the stock, along with a target price of 240 Danish kronor.

Oddo specifies that the company has reached its 2018 FY guidance, i.e. flat sales (0% vs. +4% to +5% at constant exchange rates), with EBIT that is down 4% (between +2% and 5% at constant exchange rates).

For 2019, the group expects sales growth of between +2% and +5%. The broker says that this guidance suggests 2019 sales of between 116 billion and 120 billion Danish kronor; expecting 118.3 billion Danish kronor in 2019, the current consensus seems to be pretty much in line with this figure, Oddo says.

Management also expects EBIT growth of between 2% and 6% at constant exchange rates.


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