Eli Lilly & Co. (LLY): Looking Ahead To Expedition - Jefferies
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Jefferies analyst, Jeffrey Holford, reiterated his Buy rating on shares of Eli Lilly (NYSE: LLY) but cut his price target to $100.00 (from $105.00) after Q3 missed expectations.
The analyst cut 2016E-2020E revenue estimates by 2%-3% after incremental pricing pressure on Humalog, competition and LOEs adversely pressured results. 2016 non-GAAP EPS of $3.56 is unchanged but 2017E-2020E non-GAAP EPS is reduced by 1%-5%.
The Buy thesis on LLY is unchanged because it is focused around its new product launch momentum combined with tremendous operating leverage potential. EXPEDITION-3 should be a stronger driver of near term sentiment as well.
Shares of Eli Lilly closed at $76.76 yesterday.
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