(News Bulletin 247) – Eli Lilly’s appeal as a defensive healthcare stock with low sensitivity to the SVB crisis grew on Monday in response to a favorable recommendation from Wells Fargo, which boosted the share price .
The broker rallied the buyer camp this morning by raising its recommendation on the title to ‘overweight’, with a price target raised from 360 to 375 dollars, following the recent bout of weakness in the stock market.
In a note sent to its clients, the analyst believes that the fundamentals of the pharmaceutical group have not changed, but underlines that at current prices its risk/return profile is oriented upwards due to the good surprises likely to surround its drug project in Alzheimer’s.
‘While the stock has fallen 18% (-5% for the S&P 500) from its highs without fundamentally changing its situation, we believe that this decline represents a good opportunity to strengthen on the company displaying the strongest growth within our area of coverage, with a good R&D engine, an absence of losses of exclusivity in the short and medium term and the absence of dependence on acquisitions to ensure its growth,” he explains. -he.
Around 10:00 a.m. (New York time), Eli Lilly stock was up 4.4%. The value is still down around 14% since the start of the year.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
