Analysts Are Increasing Price Targets of These 5 Stocks

02. Eli Lilly and Company (NYSE:LLY)

Upside Potential: 13.63%

Eli Lilly and Company (NYSE:LLY) is engaged in the discovery, development, and distribution of human pharmaceuticals worldwide. Eli Lilly and Company (NYSE:LLY) is a major pharmaceutical company in the U.S. The firm makes medicines and treatments for several diseases, such as arthritis, cancers, anxiety disorders, and other diseases. It also has partnerships with several biotechnology companies.

On May 26, Wells Fargo increased the price target for Eli Lilly and Company (NYSE:LLY) from $440 to $500 while maintaining an Overweight rating on the shares. The analyst expresses confidence in the success of the Wegovy SELECT trial, citing the positive individual components of GLP-1 benefits. Additionally, the analyst recommends holding the stock as Novo Nordisk’s (NVO) SELECT trial is expected to provide further insights when it reads out in mid-2023.