BMO Capital reiterates Eli Lilly (LLY) at Outperform on Morphic deal, 'a positive for Lilly shares'

BMO Capital analyst Evan David Seigerman reiterated an Outperform rating and $1,001.00 price target on Eli Lilly (NYSE: LLY).

The analyst commented: "Lilly continues to plan for diversification beyond obesity, adding to a string of bolt-on acquisitions (Versanis, Sigilon, DICE) with this morning's announcement of plans to acquire Morphic (NASDAQ: MORF) for $57/share or a ~79.0% premium to the closing stock price of $31.84 on July 5, 2024. We view this deal as a positive for Lilly shares, continuing to acquire from a position of strength by adding an IBD portfolio that is complementary to their own with mirikizumab approved in Oct-2023 for UC and recently submitted for approval in Crohn's."

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 $914.57 yesterday.

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