Citi Maintains 'Hold' Rating on Eli Lilly (LLY), Lowers Price Target
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Citi maintains a 'Hold' rating on Eli Lilly (NYSE: LLY). Price target lowered from $52 to $42.
Citi analyst says, "LLY’s expects to create positive economic value from the deal contingent upon strong sales growth of Erbitux through line extensions (1st line head & neck/NSCLC/metastatic colon cancers) plus successful commercialization of at least one additional drug from IMCL’s pipeline (5 monoclonal Ab’s in development, with 3 in late stage). However, the market is viewing the transaction as risky, which explains the loss of ~$6B in market cap since rumors of its involvement with IMCL surfaced on 09/29 (LLY - 13.5% vs. S&P -4.5%)...We see upside contingent upon Effient approval."
Eli Lilly and Company discovers, develops, manufactures and sells products in one business segment, pharmaceutical products.
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