Eli Lilly price target raised to $401 from $399 at Guggenheim

Guggenheim analyst Seamus Fernandez raised the firm’s price target on Eli Lilly to $401 from $399 and keeps a Buy rating on the shares as he updated his model ahead of the company’s 2023 guidance call on December 13. Though he is "modestly reducing" his 2023 sales forecasts, Fernandez argues that consensus of just over $30B "looks achievable" despite the likely absence of COVID antibody sales as he expects Mounjaro sales and overall GLP1 sales to "continue to increase substantially."