Eli Lilly price target raised to $428 from $407 at UBS

UBS analyst Colin Bristow raised the firm’s price target on Eli Lilly to $428 from $407 and keeps a Buy rating on the shares ahead of its 2023 guidance call on December 13th. The company typically guides conservatively , and given the additional layer of uncertainty around supply issues for Mounjaro/Trulicity, he sees a higher likelihood that this year’s outlook will be on the cautious side, the analyst tells investors in a research note. Even with this uncertainty in mind however, the current FY23 Mounjaro consensus is way too low, Bristow adds.