Eli Lilly (LLY)’s Target Price Slashed to $960 by TD Cowen, Reiterates Buy Rating

On June 5, TD Cowen analysts trimmed the price target for Eli Lilly and Company (NYSE:LLY) from $1,050 to $960, while reiterating a Buy rating on the stock.

This target price adjustment aligns with investors shifting their focus towards the third quarter results of the SURPASS-CVOT trial. TD Cowen’s analysis demonstrates that LLY’s tirzepatide needs to match a MACE hazard ratio of 0.9 or better to statistically outperform dulaglutide.

Eli Lilly (LLY)'s Target Price Slashed to $960 by TD Cowen, Reiterates Buy Rating

A scientist in a lab running tests on a variety of biopharmaceuticals.

The investment firm hosted a survey of key opinion leaders, where 92% of the participants said they estimate a hazard ratio of 0.85 or better. Despite the positive outlook among survey respondents, investors remain wary about the possibility of attaining superiority over dulaglutide.

Analysts also reworked their financial model for Eli Lilly and Company (NYSE:LLY) after the latest company updates and the Q1 2025 results. The 2026 EPS figures have been trimmed to $29.15, down by $0.25. The stock is now trading at a P/E ratio of 62.07, implying strong growth estimates.

Eli Lilly and Company (NYSE:LLY) is a major global pharma giant based in Indianapolis that develops and commercializes medicines for diabetes, cancer, obesity, and autoimmune diseases.

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