Why Eli Lilly Stock Topped the Market Today
Investors were taking a healthy spoonful of the medicine that is Eli Lilly (NYSE: LLY) stock on Hump Day. They traded the company's shares up by nearly 2% on an analyst's recommendation upgrade. That figure was well above the scant (0.1%) gain posted by the S&P 500 index that day.
The upgrade came from Hans Engel, a prognosticator at Austria's Erste Bank. Before market open, Engel changed his rating on Eli Lilly stock to buy from his previous hold. His price target on the stock was not immediately apparent.
The analyst believes that the U.S. pharmaceutical giant will manage to raise its 2024 revenue at a high double-digit-percentage rate and will also show meaningful top-line growth next year. Better, he forecast that both operating and net income will grow at even faster rates than revenue.
Source Fool.com
