Eli Lilly price target raised to $630 from $550 at Cantor Fitzgerald

Cantor Fitzgerald analyst Louise Chen raised the firm’s price target on Eli Lilly (LLY) to $630 from $550 and keeps an Overweight rating on the shares following Lilly’s Q2 sales and EPS beat, as well as positive data from Novo Nordisk’s (NVO) SELECT obesity outcomes study. The firm sees Lilly entering a period of earnings estimate growth through 2030, boosted by multiple pipeline readouts as well as launches of “first-in-class/best-in-class” compounds that include donanemab, Mounjaro and others, the analyst tells investors.