Eli Lilly price target lowered to $420 from $428 at UBS

UBS analyst Colin Bristow lowered the firm’s price target on Eli Lilly to $420 from $428 and keeps a Buy rating on the shares following the company’s 2023 guidance call. The central tenet of the firm’s thesis — Mounjaro driving above-consensus growth through the end of the decade — is very much intact, with the positive GGG update potentially securing Eli Lilly’s dominant positioning in obesity during the out years, Bristow tells investors in a research note.