Hapoalim Reiterates Hold on Eli Lilly (LLY)

Hapoalim is out with its report today on Eli Lilly LLY, reiterating Hold after reporting in-line 2011 guidance. In a note to clients, Hapoalim writes, "The company forecasted 2011 continuing EPS in the range of $4.15 to $4.30, which contains our previous 2011 EPS estimate of $4.26. At $35.47 per share, Lilly currently trades at a 3% discount to the peer group on estimated 2011 earnings and 7% above our target price of $33.00. Our target price is based on what we consider to be a fair multiple, an 11% discount to the group 2011E multiple of 8.7x applied to estimated 2011 earnings of $4.20." At the time of posting, shares of LLY were trading at $35.40, down 0.20% from yesterday's close.