UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PT on Eli Lilly & Co.

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on Eli Lilly & Co. (NYSE: LLY), and raised its price target from $57.00 to $60.00.BofA Merrill Lynch noted, “LLY offers a good mix of compelling valuation, an attractive dividend yield with a track record of returning cash to shareholders, and pipeline optionality. Several promising late-stage pipeline assets are underappreciated, in our view, and could be transformative to LLYs growth trajectory (ramucirumab, solanezumab and the four Phase III diabetes assets - two basal insulins, empagliflozin and dulaglutide).”Eli Lilly & Co. closed on Tuesday at $51.88.