Analysts at Citi raised the Eli Lilly & Co. (NYSE:LLY) price target to $675 from $525, maintaining a Buy rating on the stock in a recent note to clients.
They told investors that the firm is increasing its price target for the pharmaceutical giant based on its Incretin estimates.
"Given ongoing strong patient demand, CVD data and most recently FLOW, we are increasing our incretin estimates again to $71bn in 2035 compared with $55bn previously," the analysts explained.
"Despite the obvious demand and unmet medical need, we continue to struggle with our inability to predict with any accuracy the long-term upside for incretins given the >42% prevalence of obesity," they added.
In the near term, Citi said it relies on increasing Mounjaro capacity and forthcoming obesity approval to continue to drive share price momentum. Meanwhile, over the longer term, they "remain vigilant to the safety profile of both retatrutide and orforglipron."