Eli Lilly price target raised to $430 from $408 at Jefferies

Jefferies analyst Akash Tewari raised the firm’s price target on Eli Lilly to $430 from $408 and keeps a Hold rating on the shares. Lilly’s “unprecedented valuation does put us in the wait and see camp,” but the company’s execution in 2023 has “been outstanding, and we doubt Q2 changes the narrative,” says the analyst in an earnings preview for the large cap commercial biotech and pharma group. While the firm remains on the sidelines given the current valuation, its recent survey work indicates that “investors on average don’t think LLY is expensive until it gets into the $500’s” and at $460-plus Lilly is “rapidly approaching that valuation band,” the analyst added.