UPDATE: Citi Upgrades Eli Lilly (LLY) to Buy

Citi upgraded Eli Lilly (NYSE: LLY) from Neutral to Buy with a price target of $100. Analysts raised evacetrapib risk peak sales estimates from $1 billion to $3.8 billion. The change follows Merck (NYSE: MRK) IMPROVE-IT data that showed its Vytorin validates cardio benefit of lowering LDL cholesterol with a non-statin agent.

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 $71.18 yesterday.

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