Goldman Sachs has reaffirmed its Neutral rating and $47 price target on Novo Nordisk (NYSE: NVO) following a meeting with company management at a major investor conference.
The bank met with Novo’s leadership at the 47th Annual Global Healthcare Conference on June 9, choosing to maintain the stance it had only recently established.
Goldman had raised its price target to $47 from $41 on June 3, meaning the post-conference note effectively locked in that upgraded position rather than signaling any new direction.
The $47 target represents approximately 7% upside from where shares were trading, after the stock closed June 12 at 287.25 Danish kroner, up 1.66% on the day.
Novo has spent much of 2026 attempting to rebuild investor confidence after one of the most damaging stretches in the company’s recent history.
Shares hit a 52-week low near $37 earlier in the year, a steep fall from a prior high above $90, after the company’s next-generation obesity drug CagriSema missed a key clinical trial goal in February.
Following that setback, Novo guided for a full-year sales decline and announced a major restructuring that cut roughly 9,000 jobs across the organization.
The company has also continued to lose competitive ground to Eli Lilly, which held approximately 60% of the combined U.S. obesity and diabetes GLP-1 market in the first quarter, compared to Novo’s 39%.
Despite those headwinds, the stock has been gradually recovering from its lows, and the Goldman meeting drew attention from investors hoping the bank might shift to a more optimistic outlook.
One of the more closely watched topics at the conference concerned market demand for the Wegovy pill, which analysts and investors are monitoring as a potential growth driver.
The broader analyst community remains divided on the stock’s near-term prospects, though the average price target sits near $47, aligning closely with where Goldman has planted its flag.
A Neutral rating with modest implied upside reflects the current balance of risk and opportunity facing the Danish pharmaceutical giant as it works to stabilize its position in the GLP-1 market.
