Wells Fargo analyst Mohit Bansal refreshed the firm’s large-cap rankings to account for some recent ratings changes and news flow. Eli Lilly (LLY) is Wells’ new top pick with Vertex Pharmaceuticals (VRTX) being second. AbbVie (ABBV) moves to number three, but the analyst continues to like the name into Emraclidine readout by late 2024. Wells continues to think Lilly has potential to provide upside surprises with improving supply and outside the U.S. growth. The firm sees upside to 2025 consensus estimates and notes the company has key catalysts in the form of Surpass-CVOT trial and then Orforglipron/Retatrutide pivotal readouts in 2025 and 2026. Gilead (GILD) is at the top among the firm’s Equal Weight-rated names now as it thinks the company has a solid base business and no patent cliff. However, Gilead “still needs a shiny object to expand the multiple,” adds Wells.
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