Bank Of America Raising PT On LLY To $43

Following beat Q1 results from the major US pharma stocks, Bank of America is raising its price target to $43 and reiterating its Buy rating on Eli Lilly & Co.

. According to Bank of America, “With each of the 4 US Major Pharma stocks beating Q1 results and investors beginning to warm up to our "the world is not ending" valuation-based thesis, we are reiterating our bullish view on the sector and raising our price targets. Recall that when we launched on March 11th (“Reinstating with a Buy – Priced to bloom”), we did so with a Buy rating on LLY. We continue to like the risk/reward for LLY shares given the low relative valuation, low expectations for the pipeline and the highest dividend yield among the Major Pharma group. More positive pipeline news or reasonable business development deals could result in improved sentiment, in our view.” LLY closed on Friday at $38.95.