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Top Research Reports for Novo Nordisk, Toyota & Salesforce

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·6 min read
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Thursday, June 9, 2022

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Novo Nordisk A/S (NVO), Toyota Motor Corporation (TM), and Salesforce, Inc. (CRM). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>

Novo Nordisk shares have outperformed the Zacks Large Cap Pharmaceuticals industry over the past year (+36.9% vs. +19.3%) on the back of the company’s promising diabetes drug, Ozempic, which is off to a solid start since its launch. The launch of Rybelsus also looks impressive. Novo Nordisk has one of the broadest diabetes portfolios in the industry. Ozempic, Rybelsus, Xultophy and Saxenda have been helping the company maintain momentum. Label expansion of these existing drugs is expected to boost sales.

However, lower realized prices in the United States, loss of exclusivity for products and stiff competition affect sales. Also, sales are being negatively impacted by the COVID-19 pandemic. Also, the supply challenges for Wegovy have hurt the stock. The patent expiry on some of the products in Novo Nordisk’s portfolio is a concern.

(You can read the full research report on Novo Nordisk here >>>)

Toyota shares have declined -7.0% over the past year against the Zacks Automotive - Foreign industry’s decline of -27.3%. The Zacks analyst believes that the company is also reeling under severe chip crunch compounded by the Russia-Ukraine war. The Japanese auto biggie has warned of unprecedented commodity inflation. It expects a sharp increase in material costs to adversely impact the fiscal 2023 income to the tune of ¥1.45 trillion. Supply-chain disruptions, tough labor market, logistical challenges and manufacturing inefficiencies will play spoilsports.

In the light of such headwinds, the company expects its operating income to decline around 20% on a year-over-year basis in fiscal 2023. High Capex and R&D expenses on advanced technologies are also likely to dent near-term margins and cash flows of the company. Further, Toyota's rising debt levels play a spoilsport. Consequently, the stock warrants a bearish stance now.

(You can read the full research report on Toyota here >>>)

Salesforce shares have declined -25.7% over the year-to-date basis against the Zacks Computer - Software industry’s decline of -21.1%. The Zacks analyst believes the stiff competition faced by the company is a concern. Besides, unfavorable currency fluctuations along with increasing investments in international expansions and data centers are an overhang on near-term profitability. Nevertheless, Salesforce is benefiting from a robust demand environment as customers are undergoing a major digital transformation.

The rapid adoption of its cloud-based solutions is driving demand for its products. Salesforce’s sustained focus on introducing more aligned products as per customer needs is driving its top-line. Continued deal wins in the international market is another growth driver. Furthermore, the recent acquisition of Slack would position the company to be a leader in the enterprise team collaboration solution space and better compete with Microsoft’s Teams product.

(You can read the full research report on Salesforce here >>>)

Other noteworthy reports we are featuring today include Abbott Laboratories (ABT), Raytheon Technologies Corporation (RTX), and Equinor ASA (EQNR).

Sheraz Mian
Director of Research

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

Novo Nordisk's (NVO) Diabetes Drugs Aid Growth Amid Rivalry

Supply Chain Troubles & Escalating R&D Costs Ail Toyota (TM)

Digital Transformation and Acquisitions Aid Salesforce (CRM)

Featured Reports

Abbott's (ABT) Diabetes Care Business Grows amid Forex Woes
The Zacks analyst is impressed with Abbott's diabetes business arm performance in the first quarter 2022 led by strong growth in FreeStyle Libre. Yet, foreign exchange woes remain a concern.

Order Growth Aids Raytheon (RTX) Amid Purchase Oder Fall
Per the Zacks analyst, a solid order flow from the Pentagon and its foreign allies should boost Raytheon. Yet, purchase order declines due to OEM order cancellation might hurt the stock.

Strong Backlog to Support Caterpillar (CAT) Amid High Costs
Per the Zacks analyst, improving demand in its end markets and robust backlog levels will support Caterpillar's top-line performance and help negate the impact of inflated input costs on its margins.

Intuit (INTU) Rides on Product Refresh, Higher Subscriptions
Per the Zacks analyst, Intuit is benefiting from frequent product refreshes, which help it to gain customers. Moreover, increase in subscriptions is driving stable revenue growth for the company.

Inflows Aid Blackstone's (BX) Asset Growth, High Costs a Woe
Per the Zacks analyst, net inflows, diversified products and revenue mix will likely drive Blackstone's assets under management growth. Higher costs due to investments in franchise might hurt profits.

New Product Development, Wide Market Reach Aid Eaton (ETN)
Per the Zacks analyst Eaton's operations in 175 countries across the world and development of new products through ongoing R&D investments will continue to drive demand and boost profitability.

Wynn Resorts (WYNN) Banks on Non-Gaming Revenues, Traffic Low
Per the Zacks analyst, Wynn Resorts is likely to gain from robust non-gaming business and expansion efforts in domestic markets. However, coronavirus-induced lower visitation in Macau is a concern.

New Upgrades

Equinor (EQNR) to Benefit From Rising Clean Energy Demand
The Zacks analyst is impressed by Equinor's massive investments in renewable projects, comprising solar and wind energy. This makes it well-poised to capitalize on the rising clean energy demand.

Freight Demand, Dividends, Buybacks Aid C.H. Robinson (CHRW)
The Zacks analyst is encouraged by C.H. Robinson's top-line growth owing to strong freight demand. The company's efforts to reward shareholders through dividends and buybacks are also impressive.

Arrow Electronics (ARW) Rides on Solid Product Portfolio
Per the Zacks Analyst, Arrow Electronics' expanding product portfolio across the infrastructure software, next-generation hardware and hybrid cloud architectures spaces, is a key driver.

New Downgrades

Supply Chain Troubles & Higher Costs to Hurt Ciena (CIEN)
Per the Zacks analyst, pandemic induced global supply chain troubles and component shortages is a major concern for Ciena. Higher operating costs are weighing down on margin expansion

Inflation & High Freight Cost to Mar Gap's (GPS) Performance
Per the Zacks analyst, Gap has been witnessing higher freight expense, headwinds at the Old Navy brand, inflationary pressures and sluggishness in China. Due to this, Gap slashed fiscal 2022 view.

Forex Volatility, High Debt Concern Manulife Financial (MFC)
Per the Zacks analyst, Manulife Financial has been witnessing increase in financial leverage over the last few years. Foreign exchange volatility raises financial risk.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Abbott Laboratories (ABT) : Free Stock Analysis Report
Salesforce Inc. (CRM) : Free Stock Analysis Report
Toyota Motor Corporation (TM) : Free Stock Analysis Report
Novo Nordisk AS (NVO) : Free Stock Analysis Report
Equinor ASA (EQNR) : Free Stock Analysis Report
Raytheon Technologies Corporation (RTX) : Free Stock Analysis Report
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