Report published August 26, 2026
Deutsche Bank European Daily: Novo Nordisk Downgrade to Sell & Market Updates (Aug 26, 2026)
Source and citation context
- Issuer
- Deutsche Bank
- Report date
- August 26, 2026
- Analysis as of
- August 26, 2026
Authors / editors: Emmanuel Papadakis, Damian McNeela, Thomas Rothaeusler, Olivia Pulvermacher, Gareth Davies, Steve Liechti, Lars Vom-Cleff, Johannes Schaller, Robert Grindle, Virginie Boucher-Ferte, Olly Jeffery, Carolin Raab, Steve Powers, Matt O-Connor, Iris Zheng, Faiza Alwy
Finvaulta summarizes Deutsche Bank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Deutsche Bank's European equity research daily digest highlights a rating downgrade for Novo Nordisk from Hold to Sell (PT DKK265) and an upgrade of Yizumi to Buy. It also includes company and sector updates covering European TMT, chemicals, DAX index changes, Applied Nutrition, Scandinavian Tobacco, Aroundtown, and US equities.
Key Takeaways
- 1.Deutsche Bank downgrades Novo Nordisk to Sell from Hold and cuts target price to DKK265 due to limited Medicare Rx bump, ziltivekimab setbacks, and concerns over 2027 growth.
- 2.Applied Nutrition raises target price to 350p following a strong FY26 pre-close trading update showing 50% revenue growth to £160m and sustained momentum into FY27.
- 3.Yizumi upgraded to Buy with a CNY26 target price, while Celsius Holdings and Regions Financial are downgraded to Hold.
Table of Contents
- RECOMMENDATION CHANGES
- TARGET PRICE CHANGES
- COMPANY UPDATES
- SECTOR UPDATES
- GLOBAL RESEARCH
Report data
Recommendation and Target Price Changes Summary Table — as of August 26, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Novo Nordisk Target Price | 265.00 DKK | Lowered from DKK290.00 to DKK265.00 following downgrade to Sell |
| Applied Nutrition FY26 Expected Revenue | 160 GBP million | Revenue expected to increase 50% to £160m from ~£140m previously |
| Scandinavian Tobacco Group Q2 26 Reported Revenue | 2334 DKK million | Reported revenue in Q2 26 broadly in line with consensus |
| Aroundtown FY26 FFO I Guidance | 275-305 EUR million | FY26 FFO I guidance confirmed at EUR275-305m (EUR0.24-0.27 per share) |
| Target Hospitality Hyperscaler Contract Value | 250 USD million | 1,100-bed contract win with top-five hyperscaler in Pecos, Texas |
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Authors / Editors
Reported Data Context
- Applied Nutrition FY26 Expected Revenue: 160 GBP million (FY26)
- Scandinavian Tobacco Group Q2 26 Reported Revenue: 2334 DKK million (Q2 2026)
- Aroundtown FY26 FFO I Guidance: 275-305 EUR million (FY26) · Source: Bloomberg
- Target Hospitality Hyperscaler Contract Value: 250 USD million (Through August 2030)
- J.M. Smucker Tariff Refund Received: 115 USD million (FY1Q27)