HSBC double downgraded Eli Lilly (LLY) to Reduce from Buy with a price target of $700, down from $1,150. The market has assumed a significant market share for Lilly, but with potential economic sensitivity to the adoption curve for weight loss drugs, these expectations might be revised down, the analyst tells investors in a research note. Further, the firm thinks that in the current economic environment, stocks with higher multiples are at greater risk of those multiples contracting.
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