Eli Lilly a new ‘top pick’ at Morgan Stanley following strong Q2 results
by Contributor since / Followers
3 months ago
Morgan Stanley has named Eli Lilly (NYSE:LLY) a top pick following quarterly results that beat on both lines and raising its 2024 revenue and EPS outlook.
The firm, which rates the pharma at outperform, also boosted its price target to $1106 from $1083 (~31% upside based on Aug. 8 close).
Analyst Terence Flynn says he sees upside to Morgan Stanley’s own near-term estimates on Mounjaro and Zepbound sales as supply woes have eased.
“We believe LLY offers the most attractive opportunity in our coverage for upside to consensus estimates, despite the stock’s outperformance,” he wrote.
Lilly shares are up ~5% in Friday afternoon trading.