Bank of America reiterated its Buy rating for Eli Lilly on May 2, 2026. The bank lowered its price target to $1,133 from $1,294. This adjustment reflects a revised valuation multiple to account for long-term GLP-1 market uncertainties. The new objective suggests a 21% upside from the stock's price at the time of the report.
Eli Lilly reported a significant earnings beat on April 30. The company subsequently increased its full-year guidance for 2026. Bank of America raised its EPS estimates for 2026, 2027, and 2028 to reflect this growth trajectory.
Demand for Mounjaro remains robust, particularly in markets outside the U.S. Early prescription numbers for Foundayo, a new oral GLP-1 treatment, show promising results.