Eli Lilly & Co.

Initiating coverage on Eli Lilly & Co. with a Buy rating and a $1,217 price target, driven by the durability of the incretin franchise and a pipeline that extends well beyond obesity and diabetes.

Our thesis rests on manufacturing scale, payer coverage expansion, and pricing discipline supporting multi-year revenue compounding, with valuation supported by a discounted cash flow build and peer multiple cross-check.

The price target was met on June 29, 2026, and the position is under review by the Tech & Healthcare team.