Morgan Stanley lowered the firm’s price target on Eli Lilly (LLY) to $1,028 from $1,135 and keeps an Overweight rating on the shares. Debates on the competitive profile of oral orforglipron in obesity drove the weakness in shares yesterday, notes the analyst, who says these concerns overshadowed a “solid” Q2 EPS report. While the firm notes that it lowered estimates for its oral weight loss pill bull case, its base case estimates for the drug are unchanged and it views the selloff as “overdone.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LLY:
- Eli Lilly & Co: Strong Buy Rating Backed by Robust Performance and Growth Prospects
- Eli Lilly Stock (LLY) Plunges 15% as Weight-Loss Pill Trial Disappoints
- LLY Earnings: Eli Lilly Sinks Despite Strong Q2 Beats
- Closing Bell Movers: Expedia, TripAdvisor jump on Q2 earnings beats
- Video: Why Eli Lilly Is Underperforming Today