LLY - Is Eli Lilly Stock Going to $950? 1 Wall Street Analyst Thinks So.
2024-02-24 08:05:00 ET
While Eli Lilly 's (NYSE: LLY) stock trades for around $770 today, Morgan Stanley analyst Terence Flynn thinks it'll soon go as high as $950, rising by around 23%. Based on the updated price target he set on Feb. 16, it's safe to assume that he didn't think that his previous estimate of $805 was bullish enough to account for the company's current and future set of opportunities.
The company's sunny financial guidance for 2024 meshes well with Flynn's estimate, with management anticipating as much as $41.6 billion in revenue. That implies plenty of growth on top of its trailing-12-month (TTM) haul of $32.1 billion. Here's how it'll probably happen.
The most important driver of Eli Lilly's top line this year will be its freshly launched weight loss drug called Zepbound, which was approved on Nov. 8, 2023. In 2023, sales of the medicine, a direct competitor to Novo Nordisk 's blockbuster drug Wegovy, totaled $176 million.
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Is Eli Lilly Stock Going to $950? 1 Wall Street Analyst Thinks So.