Eli Lilly price target raised to $615 from $500 at Wells Fargo

Wells Fargo analyst Mohit Bansal raised the firm’s price target on Eli Lilly (LLY) to $615 from $500 and keeps an Overweight rating on the shares. The analyst says the SELECT cardiovascular outcomes trial success from Novo Nordisk (NVO) indicates a “bight future” for obesity medicines, the analyst tells investors in a research note. The SELECT success will likely increase uptake, persistence and access to obesity drugs like Eli Lilly’s Mounjaro, says Wells. It thinks Eli Lilly should benefit from Novo’s data even before its own outcomes data in 2027. The firm increased its Mounjaro peak sales estimate to $18B from $13B.