Jefferies Sets Eli Lilly Stock Target at $814 By Investing.com
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Eli Lilly (NYSE:) on Wednesday received an increased price target from analysts at Jefferies, set at $814.00, up from the previous target of $768.00. The company maintained a buy rating on pharmaceutical company stocks.
This adjustment follows Eli Lilly’s recent quarterly report, which showed impressive performance, particularly for its Mounjaro and Zepbound products. Mounjaro sales came in at about $2.26 billion, beating estimates by about 24%, while Zepbound sales came in at about $176 million, beating estimates by about 36%.
Eli Lilly’s 2024 guidance was also a highlight, with the company projecting total revenue to be about 4% higher at the midpoint compared to consensus estimates. Non-GAAP EPS forecasts were reported to be in line with expectations.
There was more positive news in the post-earnings conference call and press release. The SYNERGY-NASH study showed 52-74% resolution of NASH and clinically meaningful fibrosis, but full data have not yet been published. Additionally, references to event rates from the SURPASS-CVOT study projected for 2024 were optimistic. Eli Lilly also expressed confidence in drug-drug interactions (DDIs), including SGLT2 inhibitors.
InvestingPro Insights
Eli Lilly (NYSE:LLY) has captured the attention of investors following its most recent quarterly report. With the company’s products, Mounjaro and Zepbound, surpassing sales expectations, analysts at Jefferies raised their price target on the company’s stock, reflecting their positive outlook. Below are some key indicators and insights from InvestingPro that can provide investors with more information about Eli Lilly’s current market position.
The company boasts a significant market capitalization. $634.04 billion, highlighting its important position in the pharmaceutical industry. This is complemented by its robustness. Sales growth 9.69% Over the past 12 months as of Q3 2023, this represents a healthy expansion of business operations. Moreover, Eli Lilly is a powerful Gross profit margin 78.67% This means efficient cost management and competitive advantage in the market segment over the same period.
InvestingPro Tips highlights that Eli Lilly raised its dividend. 9 consecutive years, demonstrating our commitment to returning value to shareholders. Additionally, the company has maintained impressive dividend payments. 54 consecutive years, which may appeal to investors seeking stable returns. With these factors in mind and considering the company’s recent performance, investors may find Eli Lilly an attractive option for their portfolio.
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