Eli Lilly price target lowered to $970 from $1,000 at Wells Fargo

Wells Fargo lowered the firm’s price target on Eli Lilly (LLY) to $970 from $1,000 and keeps an Overweight rating on the shares. The firm updated its model for Q4 color and FY25 top-line guidance, with the miss and script trends making Wells adjust the numbers down for long-term U.S. Mounjaro. The implied strength on non-incretin business bodes well and the firm thinks FY25 guidance is achievable.