Berenberg Downgrades Eli Lilly (LLY) to Hold

Berenberg analyst Kerry Holford downgraded Eli Lilly (NYSE: LLY) from Buy to Hold with a price target of $830.00 (from $970.00).

The analyst comments: "Lilly has delivered spectacular shareholder returns over the past five years (413% versus sector peer average of 71%). We have been big supporters of the Lilly investment case, based on its once underappreciated, best-in-class obesity and diabetes franchise. While we expect Lilly to remain in the obesity driving seat, we conclude the obesity market upgrade cycle has plateaued and consensus expectations for Lilly's franchise are high. Berenberg forecasts are now slightly below consensus. We pull back to a Hold rating with a new price target of USD830."

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 $764.71 yesterday.

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