CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We raise our target price by $20 to $634, 52.7x our 2024 EPS, a premium to LLY’s historical forward P/E average, justified by the company’s strong revenue and earnings growth potential. We keep our 2023 EPS estimate at $9.87 and our 2024 EPS at $12.02. Following the strong rally in LLY shares since the beginning of September (+8%), we are seeing some profit-taking activity in recent days, in our view. However, we continue to have a positive opinion on LLY. We think the company has solid long-term prospects, driven by internal innovation, but also by its recent acquisitions (Versanis Bio, Sigilon, and Dice Therapeutics), which we believe will strategically expand its portfolio.