Morgan Stanley analyst Terence Flynn raised the firm’s price target on Eli Lilly to $763 from $727 and keeps an Overweight rating on the shares. Lilly should provide first-time 2024 guidance in conjunction with Q4 results due on February 6, notes the analyst, who refreshed the firm estimates ahead of earnings and the expected guidance. The firm sees 6% upside to consensus 2024 revenue on higher Zepbound/Mounjaro estimates, but is now 3% below consensus on EPS given its expectation for a more significant step up in operating expenses, the analyst tells investors.
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