Eli Lilly price target raised to $375 from $365 at Wells Fargo

Wells Fargo analyst Mohit Bansal raised the firm’s price target on Eli Lilly to $375 from $365 and keeps an Equal Weight rating on the shares. The company is hosting its 2023 guidance call on December 13th, and the analyst expects it could easily meet revenue consensus at $30B, as he thinks Mounjaro expectations at about $2B are achievable. The reason is that, from the latest weekly IQVIA data, supply and demand are already grossing at $4.5B annual sales and even at 50%-60% gross-to-net, it calculates to $2.3B-$2.7B annual. This makes him see upside to consensus EPS number at $9.27/share, as he models this to be $9.65/share.