Eli Lilly (LLY) PT Lowered to $78 at BMO Capital

BMO Capital lowered its price target on Eli Lilly (NYSE: LLY) to $78.00 (from $79.00) while maintaining a Market Perform rating.

Analyst Alex Arfaei commented, "The revenue and EPS beat in 1Q18 looked impressive, but since it was driven by the mature franchises, Lilly didn't get much credit for it, or the raised guidance. Yesterday's cautious Bari Adcom, Lilly's commentary, and the weak tape also weighed on LLY. The lower U.S. rebates/discounts is incrementally positive, albeit shortlived, particularly for Humalog. We've raised our near-term forecasts and are in-line with guidance, but lowered our longer-term Bari and Alzheimer's estimates. We see a bumpy 2018 with numerous headwinds, tailwinds, and uncertain events that keep us on the sidelines."

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