Hapoalim Upgrades LLY From Hold To Buy, Raises PT To $39

Hapoalim is upgrading shares of Eli Lilly & Co.

from Hold to Buy. “We are also increasing our Price Target to $39,” Hapoalim writes. “As a result of better-than-expected 1Q sales, we are increasing our 2011-2014 revenue estimates. Additionally as a result of higher than expected operating costs in 1Q we are increasing our 2011-2014 operating cost estimates. The net of these changes increases our 2011-2014 EPS estimates from $4.20, $3.62, $3.90 and $2.42, to $4.36, $3.83, $4.11 and $2.58, respectively. We are also rolling out a 2015 EPS estimate of $2.45.” Eli Lilly currently trades at $35.62.