UPDATE: Citigroup Raises Eli Lilly PT to $60 on Eli Lilly on Potential Upside

Citigroup maintained Eli Lilly and Company LLY with a Buy rating and raised the price target from $55.00 to $60.00. Citigroup noted, "Lilly's base business is performing ahead of our expectations (Alimta, Elanco, Diabetes and Emerging markets). Consequently, we continue to see upside for Lilly due to the asymmetric risk reward given the minimal value being discounted for the key pipeline agent ramucirumab (cancer). Buy-rated Pfizer, Lilly and Forest remain our favoured names in US pharma." Eli Lilly closed at $54.32 on Tuesday.