Eli Lilly price target raised to $1,286 from $950 at BofA

BofA analyst Tim Anderson raised the firm’s price target on Eli Lilly (LLY) to $1,286 from $950 and keeps a Buy rating on the shares with the company nearing the launch of a closely watched new oral GLP1 drug, orforglipron, on an accelerated basis after being awarded one of the FDA’s first Commissioner’s National Priority Vouchers. Lilly continues to be “solidly in first place” in the large obesity and diabetes market with its current GLP1 franchise, while pushing through a broad phase 3 development program with its high-potency product, retatrutide, the analyst tells investors.