We recently published a list of 10 Stocks Wall Street Is Calling Bullish Amid Market Turmoil. In this article, we are going to take a look at where Novo Nordisk A/S (NYSE:NVO) stands against other stocks that Wall Street is calling bullish amid market turmoil.
The S&P 500 is down 8.6% in a month while the Nasdaq has lost nearly 13%. Markets continue to scare retail investors as stock after stock struggles to deal with the aftermath of Donald Trump’s unpredictable and aggressive policies.
While it is advisable to stay out of the market till the dust settles, one also can’t deny that it is times like these that bring opportunities. We decided to come up with a list of stocks that are expected to go up even in the existing gloomy environment.
To come up with the list of 10 stocks that Wall Street is bullish on, we looked at stocks that were recently upgraded by analysts and have performed well in the last 5 days of trading.
An elderly couple receiving insulin from a pharmacist, representing healthcare company’s successful pharmaceutical products.
Novo Nordisk A/S (NYSE:NVO)
Novo Nordisk A/S (NYSE:NVO) researches, develops, manufactures, and sells pharmaceutical products. The company operates through Rare Disease and Obesity & Diabetes care segments. Regardless of a 39% decline in the previous year, the stock has already started recovering and is now following an upward trend.
The company’s share price rebounded after Kepler Cheuvreux upgraded NVO citing its effective obesity/diabetes medications. The financial services firm raised its rating on the company from Hold to Buy with a target price of 630 Kroner. In recent months the company’s stock faced pressure due to concerns about its sky-high valuation and disappointing clinical trial results for its next-gen weight loss therapy. Kepler analyst David Evans uplifted investors’ confidence by stating this is the perfect entry point.
“After a few years of us thinking that market optimism on Novo was excessive, we now think the pendulum has swung too far the other way,”
According to 26 different analyst ratings, Novo (NYSE:NVO) has the highest target price of $168.39 which means it could more than double from the current levels if the optimistic scenario unfolds. A 38% dip in the stock price in just six months is the perfect opportunity to load up on the stock.
Overall, NVO ranks 3rd on our list of stocks that Wall Street is calling bullish amid market turmoil. While we acknowledge the potential of NVO as a leading investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as NVO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.