While maintaining its "buy" recommendation on Novo Nordisk shares, UBS has reduced its target price for them from 700 DKK to 600 DKK, a new target that still leaves 39% upside potential for the pharmaceutical company's stock.

The broker justified this target reduction by citing a 7% average reduction in its 2025-29 EPS estimates for the healthcare group that specialises in diabetes and obesity.

UBS says that attention on the publication of its Q2 2025 results should focus on an expected downturn in H2, but it anticipates that Novo Nordisk will reduce its targets at that time.