Morgan Stanley raised the firm’s price target on Eli Lilly to $950 from $805 and keeps an Overweight rating on the shares. Lilly shares have outperformed to start the year following a strong 2023, but the firm continues to see a path for further upside on higher estimates and/or price-to-earnings multiple, says the analyst, who makes the case for why the stock continues to deserve a premium P/E multiple on outer-year estimates compared to historical Pharma stock multiples. The firm, which sees upside to 2025-plus estimates and refreshed its bull scenario, which hinges on Lilly’s oral GLP-1 drug, wonders “Could LLY be the first $1T Biopharma stock?”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on LLY:
- Soros buys Birkenstock and Merck, exits LPL Financial and General Motors
- Cantor biotech/biopharma analysts to hold analyst/industry conference call
- Eli Lilly price target raised to $853 from $814 at Jefferies
- Eli Lilly Stock Hits $740: Morgan Stanley Predicts What’s Next
- Eli Lilly Secures $6 Billion in Underwritten Notes