1 Wall Street Analyst Thinks Eli Lilly Stock Is Going to $892. Is It a Buy?
By almost any measure, Eli Lilly (NYSE: LLY) stock has been a standout so far in 2024. Using a basic yardstick, the pharmaceutical sector giant's share price has climbed by over 33%, against the S&P 500 index's 5%. A mix of well-established commercialized drugs, a robust pipeline, and the company's recent dive into the hottest segment of the pharmaceutical market have made its stock one of the most attractive in the sector.
What also helped was the company's just-released first-quarter results, which boasted an earnings beat and fresh guidance that came in ahead of analyst estimates. Shortly after the figures were published, several analysts raised their price targets on the stock. Let's take a look at one of those hikes.
Just after Eli Lilly posted those numbers, Robyn Karnauskas of Truist Securities revised her fair value estimation of its shares. She now believes they're worth $892 apiece, up from her previous $850. The new target implies 15% upside from the stock's latest closing price as I write this. Karnauskas maintained her buy recommendation on the stock.
Source Fool.com
