UPDATE: Piper Jaffray Starts Eli Lilly (LLY) at Overweight

(Updated - June 17, 2015 6:49 AM EDT)

Piper Jaffray initiated coverage on Eli Lilly (NYSE: LLY) with an Overweight rating and a price target of $97.00.

Analyst Richard Purkiss commented, "We see Lilly as a compelling pipeline-driven recovery story after the earnings squeeze it endured across the 'YZ' years (loss of cYmbalta/Zyprexa). With multiple new product launches underway in core therapy areas (diabetes/oncology), we see revenue growth trending higher alongside margin expansion out to 2019, generating a dynamic earnings recovery. We estimate adj. EPS CAGR 2014-19 of 17%; we note current 2019 consensus implies 12%. We attribute part of the difference to our assumption for a higher probability of success for solanezumab (Lilly's potential Alzheimer's drug) in the EXPEDITION 3 clinical trial, which is set to read out at the end of next year."

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 $84.08 yesterday.

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