TD Cowen Revisits Eli Lilly's (LLY) Surpass-CVOT Expectations, Lowers Stock PT

TD Cowen analyst Steve Scala lowered the price target on Eli Lilly (NYSE: LLY) to $960.00 (from $1,050.00) while maintaining a Buy rating.

The analyst commented: "SURPASS-CVOT has recaptured investor focus as Q3 readout approaches. A TD Cowen statistical analysis showed that tirzepatide likely needs to achieve MACE hazard ratio of 0.9 or better to be statistically superior to dulaglutide. Additionally, 92% of KOLs (23/25) we surveyed believe HR will be 0.85 or better. However, investors view superiority as unlikely. We updated our LLY model post Q1 results and recent events. EPS are largely intact in 2025 at $21.40 (+65%, versus guidance of $20.78-22.28 and consensus of $21.81) but lowered by $0.25 in 2026, to $29.15 (+36%; versus consensus of $29.69)."

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