Eli Lilly and Company (NYSE: LLY) saw its target stock price increased from $1,038.00 to $1,182.00 by analysts at Truist Financial, as reported on Wednesday. This adjustment reflects a “buy” rating and implies a potential upside of 13.59% from the stock’s current valuation. Other financial institutions have also made notable adjustments regarding Eli Lilly’s shares, indicating a growing confidence in the company’s performance.
Analyst Ratings and Price Targets
In addition to Truist Financial’s optimistic outlook, DZ Bank upgraded Eli Lilly from a “hold” to a “strong-buy” rating on August 14, 2023. Meanwhile, JPMorgan Chase & Co. raised its price target from $1,050.00 to $1,150.00, assigning the company an “overweight” rating in a research note published on Tuesday. Guggenheim maintained a “buy” rating, setting a price objective of $948.00 in a report released on October 16, 2023.
Further, Leerink Partners elevated its rating from “hold” to “strong-buy” on November 10, while Daiwa America downgraded its stance from “strong-buy” to “hold” on August 17. Overall, the consensus among analysts is favorable: three research analysts have rated the stock as a Strong Buy, while fifteen have given it a Buy rating, and seven have classified it as Hold. According to MarketBeat.com, Eli Lilly currently holds a consensus rating of “Moderate Buy” with an average target price of $1,027.95.
Recent Earnings Report and Financial Performance
Eli Lilly recently disclosed its quarterly earnings on October 30, 2023. The company reported earnings of $7.02 per share (EPS), surpassing analysts’ expectations of $6.42 by $0.60. The impressive financial performance also included a revenue figure of $17.60 billion, significantly exceeding the forecast of $16.09 billion.
This represents a remarkable 53.9% increase in revenue compared to the same period last year, when the company recorded $1.18 EPS. Eli Lilly has set its fiscal year 2025 guidance at 23.000-23.700 EPS, with analysts predicting an average of 23.48 EPS for the current year.
Institutional Investment Trends
Several institutional investors have recently altered their holdings in Eli Lilly, highlighting the stock’s appeal among hedge funds. Wealth Preservation Advisors LLC purchased a new stake in the company valued at $27,000 in the first quarter. Sumitomo Mitsui Financial Group Inc. made a similar move during the second quarter, acquiring a stake worth around $27,000.
Additionally, Evolution Wealth Management Inc. and Steph & Co. also entered into new positions, with Steph & Co. increasing its holdings by 290.0% in the third quarter. Institutional investors and hedge funds currently own 82.53% of Eli Lilly’s stock, reflecting strong institutional support for the company.
Eli Lilly and Company is recognized for its development and marketing of pharmaceuticals worldwide, including key products for diabetes management and obesity treatment. The company’s ongoing success and positive analyst ratings suggest a robust outlook for its stock performance in the near future.
