** Brokerage BMO Capital Markets believes Danish drugmaker Novo Nordisk's NOVOb.CO obesity rival Eli Lilly LLY.N has made sizable advancements in its commercial and clinical portfolio, causing it to overtake Novo's early lead

** BMO cuts PT for Novo Nordisk NOVOb.CO to $64 from $105, downgrades stock rating to "market perform" from "outperform"

** BMO says Novo's "first mover advantage" with semaglutide, the active ingredient in its weight loss and diabetes drugs, has waned with Lilly's tirezepatide taking share rapidly

** BMO sees this trend accelerating with Lilly's experimental oral weight loss drug orforglipron and so-called "triple-G" weight-loss drug candidate retatrutide

** Brokerage also believes Novo will have a "softer Q1"

** Nineteen of 26 brokerages rate the stock "buy" or higher, 7 "hold" and 1 "sell" or lower; their median PT is 700 DKK ($106.66) - data compiled by LSEG

** Up to last close, stock down 32.5% YTD

($1 = 6.5628 Danish crowns)

(Reporting by Christy Santhosh)

((Christy.Santhosh@thomsonreuters.com))