Eli Lilly price target raised to $600 from $510 at JPMorgan

JPMorgan analyst Chris Schott raised the firm’s price target on Eli Lilly to $600 from $510 and keeps an Overweight rating on the shares. The analyst attributes the 15% rally yesterday in shares of Eli Lilly to a combination of a “best case scenario” SELECT data coupled, a substantial sales beat for Mounjaro and positive incretin capacity commentary from the company. SELECT was the “largest near-term overhang/catalyst” for the shares, and the update was a “major step towards” improving coverage for the GLP-1 class in obesity, the analyst tells investors in a research note. Lilly remains one of JPMorgan’s favorite names in the group and it still sees meaningful upside to Street estimates for Mounjaro.