Eli Lilly price target raised to $650 from $600 at Truist

Truist raised the firm’s price target on Eli Lilly to $650 from $600 and keeps a Buy rating on the shares. The company’s Q3 topline growth was driven by Mounjaro access and savings cards dynamics as well as growth from Verzenio and Jardiance, the analyst tells investors in a research note. With the approval of Omvoh for UC and potentially donanemab in Q1 of 2024, Eli Lilly continues to launch new products while growing their pipeline from internal R&D and external BD, the firm adds. Trust also states that it is waiting for the development of the oral obesity drugs as the company continues to ramp up injectable manufacturing capacity pending approval later in 2023.