LLY - Eli Lilly set to outperform on catalysts and growth prospects: Goldman Sachs

With an upgrade to revenue guidance, acquisition, and now analysts raising their price targets, Eli Lilly (LLY) seems to have hit a purple patch.Yesterday’s announcements for its acquisition of Prevail Therapeutics (PRVL) and then the upgrade to 2020 financial guidance have followed today with Goldman Sachs raising its price target.The ‘first-time 2021 guidance’ and ‘pipeline updates for tirzepatide in diabetes and cancer drug LOXO-305’ ‘reaffirmed positive expectations for Eli Lilly stock’ notes the analyst Terence Flynn raising his price target for the stock to a Street-high $209 from $183. After a 6.0% rise yesterday, the shares have added another +2.4% today so far.There exists an opportunity for margin expansion ahead of 2021 catalysts, including ‘a label expansion for Verzenio’ and data from mid-stage Alzheimer’s drug, key late-stage trial of tirzepatide, and Phase 3 development for mirikizumab’, he further added.

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Eli Lilly set to outperform on catalysts and growth prospects: Goldman Sachs