Jefferies Downgrades Eli Lilly (LLY) to Underperform

October 11, 2013 7:55 AM EDT Send to a Friend
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Price: $64.68 +2.50%

Rating Summary:
    10 Buy, 9 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 14 | New: 40
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Jefferies downgraded Eli Lilly (NYSE: LLY) from Hold to Underperform with a price target of $40.00 (from $49.00).

"We have downgraded Eli Lilly to Underperform from Hold following further R&D disappointment in its pipeline (ramucirumab in breast cancer) as well as the increased strain this will put on future cash flow allocation required to maintain the dividend," analyst Jeffrey Holford comments. "We see Eli Lilly as one of the strongest bond proxies in the group and see likely pressure on valuation once tapering likely increases in visibility over the next 12 months. Eli Lilly is now our least preferred US stock."

For an analyst ratings summary and ratings history on Eli Lilly click here. For more ratings news on Eli Lilly click here.

Shares of Eli Lilly closed at $49.15 yesterday.


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