Berenberg downgraded Eli Lilly (LLY) to Hold from Buy with a price target of $830, down from $970. The firm expects Lilly will “remain in the obesity driving seat” but believes the obesity market upgrade cycle has plateaued. Expectations for Lilly’s weight loss franchise are high and Berenberg’s forecasts are now slightly below consensus, the analyst tells investors in a research note. The firm cites “great expectations” for orforglipron for the downgrade.
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