0721 GMT - Novo Nordisk faces persistent concerns over the scope for a return to growth in 2027 and a large patent cliff problem further out, Deutsche Bank analyst Emmanuel Papadakis writes. The bank also notes that a bump in U.S. Medicare prescriptions looks limited, while Novo Nordisk's ziltivekimab is now effectively out of the picture, after the drug failed to reduce risk of heart attack or stroke in a late-stage clinical trial. The company has an important capital markets day next month, the bank adds. Deutsche Bank downgrades the stock to sell from hold and lowers its target price to 265 Danish kroner from 290 kroner. Shares fall 1.6% to 300.10 kroner.