Eli Lilly price target raised to $1,200 from $1,100 at BMO Capital

BMO Capital raised the firm’s price target on Eli Lilly (LLY) to $1,200 from $1,100 and keeps an Outperform rating on the shares. Following a string of positive readouts from Lilly’s obesity pipeline Orforglipron and Eloralintide, the firm is assessing the potential scenarios for the upcoming TRIUMPH-4 readout for Retatrutide, the analyst tells investors in a research note, adding that BMO is anticipating 20%-23% weight loss and 50% or more in WOMAC pain score reduction as the base case. The firm adds that it believes diabetes will lead to durable and sustained growth for Eli Lilly as its pipeline strategy is beginning to bear fruit.