Eli Lilly price target raised to $885 from $815 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Eli Lilly to $885 from $815 and keeps an Overweight rating on the shares. Despite the top-line miss that was widely anticipated due to incretin supply constraints, Eli Lilly’s sales growth of 26% in Q1 is still impressive, the analyst tells investors in a research note. Zepbound is already annualizing at over $2B annually in the first full quarter into its launch, positioning the drug for tens of billions of sales, which means there could be upside to already bullish forecasts for Zepbound, and Lilly is well positioned to deliver on future growth with other key pipeline drugs and indications, Cantor says.