UPDATE: BMO Capital Upgrades Eli Lilly and Company to Market Perform, Raises PT to $62.00

On Tuesday, BMO Capital upgraded shares of Eli Lilly LLY from Underperform to Market Perform and raised the price target from $50 to $62. “The upholding of the Alimta patent and the recent Bemaciclib data at AACR this week significantly altered the valuation of the company,” analyst Alex Arfaei said. The analyst believes “the earliest Bemaciclib can reach the market is mid-2017...and will be at least 1.5-2 years behind Palbo.” Arfaei added “risk adjusted peak sales of $2.9B in 2023 for Bemaciclib in advanced breast cancer.” In the first quarter 2014, the analyst believes “believe that Lilly will likely meet or beat current consensus estimates because the Street's expectations for Cymbalta and Evista seem too cautious.” Shares of Eli Lilly are flat in Tuesday's trading and have been holding up well compared to the broader market during the last two day selloff.