Eli Lilly price target raised to $840 from $770 at Argus

Argus raised the firm’s price target on Eli Lilly to $840 from $770 and keeps a Buy rating on the shares. The company’s Q1 revenue growth benefited in part from a $2.39B contribution from new products launched since 2022, particularly antidiabetic medication Mounjaro, which saw sales jump to $1.8B from $569M in Q1 of 2023 as well as recently launched obesity medication Zepbound, the analyst tells investors in a research note. These medications should drive significant growth for Eli Lilly in 2024 and beyond, the firm added.