Eli Lilly price target raised to $936 from $928 at Guggenheim

Guggenheim raised the firm’s price target on Eli Lilly (LLY) to $936 from $928 and keeps a Buy rating on the shares after detailing how the firm is thinking about GLP1 market dynamics through the remainder of the year. Both Lilly and Novo Nordisk (NVO) have stated their strong preference for open access and the firm notes as part of the updated agreement with Express Scripts and Cigna’s (CI) Evernorth announced Wednesday that the companies maintained open access through the end of 2026 for Wegovy and Zepbound with prices “in line with Lilly’s normal price concessions,” per the company. Overall, the firm believes both companies are positioned to meet 2025 guidance, although it continues to assume Novo will be at the low end of guidance with material risk to sales and earnings in 2026-27 if GLP1 prescriptions don’t accelerate.