Eli Lilly price target raised to $700 from $600 at BofA

BofA raised the firm’s price target on Eli Lilly (LLY) to $700 from $600 and keeps a Buy rating on the shares. The firm, which cites having added orforglipron and retatrutide to its operating model for its price target hike, remains bullish on Lilly shares going into approval of Mounjaro for obesity expected in Q4 and the beginnings of broader reimbursement, starting with Novo Nordisk’s (NVO) SELECT data at the AHA meeting, the analyst tells investors. Indications outside of diabetes and obesity – including sleep apnea, heart failure, CKD, NASH, and others – remain “major upside drivers,” the analyst added.