** Jefferies upgrades Danish drugmaker Novo Nordisk NOVOb.CO to "hold" from "underperform," pointing to price pressures and profit risks being now better reflected in market expectations

** The broker is neutralizing its long-standing negative view after consensus sales and profit estimates for 2027 were cut by 20% and 30%, respectively

** Jefferies remains cautious on Novo's 2027 profits, citing uncertainty around the group's GLP-1 drug portfolio growth amid competition, which could pressure gross margins

** While the US launch of an oral Wegovy pill could drive momentum, the broker warns it could "cannibalise" sales and says Novo needs "meaningful M&A" to diversify the portfolio

** The brokerage raises TP to DKK 275 from DKK 270 and sees modest downside from an upcoming trial against a rival Eli Lilly LLY.N drug as investor expectations are already low

** Out of 30 analysts that cover the stock, 15 rate it "strong buy"/"buy", 13 rate it "hold", and two rate it "sell", according to LSEG data

(Reporting by Marta Frackowiak)

((marta.frackowiak@thomsonreuters.com))