BofA/Merrill Lynch maintained a Buy rating on Eli Lilly (NYSE: LLY) but lowered its price target to $104.00 (from $108.00). Analyst Colin Bristow said while he expected the stock to react negatively to news Lilly halted development of evacetrapib, the initial reaction appears overdone and beyond the consensus NPV contribution of evacetrapib. Consensus was for peak sales of around $800 million, the report noted.

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Shares of Eli Lilly closed at $86.14 yesterday.

Analyst Comments Analyst PT Change

Piper Jaffray Cuts Price Target on Eli Lilly & Co. (LLY) Following Announced Discontinuation of Evacetrapib October 13, 2015 8:38 AM Eli Lilly (LLY) Eva Failure Increases Dependence on Sola, BMO Capital NotesOctober 12, 2015 11:12 AM Lilly's (LLY) CETP Inhibitor Disappointment Seen as Positive for Esperion (EPSR) and PCSK-9, Says RBC (REGN) (AMGN) (SNY) (MDCO) (MRK)October 12, 2015 9:13 AM UPDATE: Esperion (ESPR), Others Gains After Lilly Halts Development of Evacetrapib; Merch (MRK) FallsOctober 12, 2015 8:15 AM Eli Lilly & Co. (LLY) to Discontinue Development of EvacetrapibOctober 12, 2015 8:01 AM