Eli Lilly Stock (LLY) Gets Multiple Price Target Increases as Rally Continues

The stock of pharmaceutical giant Eli Lilly (LLY) has received multiple price target increases as the shares continue to rally higher.

Analysts at Wall Street brokerage Guggenheim have raised their price target on LLY stock to $1,163 from $1,036 previously and maintained a Buy rating on the shares. At the same time, Wolfe Research has lifted its forecast on LLY stock to $1,250 from $1,050 and reiterated a Buy-equivalent outperform rating on the shares.

The price target boosts come after LLY stock rose 30% during November amid a strong rally in the shares. The bull run comes after Eli Lilly reported strong third-quarter financial results and struck a deal with the U.S. government to lower the cost of its weight-loss medications in exchange for coverage under Medicare and Medicaid.

Eli Lilly’s Bestselling Drug

The price target increases from Guggenheim and Wolfe Research also come as evidence mounts that Zepbound and Mounjaro are fast becoming the bestselling weight-loss drugs around the world. It was just reported that Eli Lilly’s weight loss drug Mounjaro surpassed Bristol Myers Squibb’s (BMY) blood thinner Eliquis in November to become that country’s top-selling medication.

The Swedish milestone is impressive considering Eli Lilly’s weight-loss drugs are currently outside the country’s reimbursement system. Sweden is also a neighbor of fellow Scandinavian country Denmark, home to Eli Lilly’s archrival in the weight-loss drug space Novo Nordisk (NVO).

Is LLY Stock a Buy?

The stock of Eli Lilly has a consensus Strong Buy rating among 20 Wall Street analysts. That rating is based on 18 Buy and two Hold recommendations issued in the last three months. The average LLY price target of $1,035.22 implies 5.98% downside from current levels.

Read more analyst ratings on LLY stock