Eli Lilly price target raised to $620 from $470 at Argus

Argus raised the firm’s price target on Eli Lilly to $620 from $470 and keeps a Buy rating on the shares. The analyst cites the company having recently announced positive Phase 3 results from a trial of its investigational treatment for Alzheimer’s disease, donanemab, as well as the positive results from a number of Phase 3 trials for tirzepatide for weight management in obese or overweight individuals. These developments should boost sales and earnings, benefiting Eli Lilly shares over the next year, the firm tells investors in a research note.