What occurred

Eli Lilly (LLY 1.41%) traders continued to be in temper about their inventory on Friday. Following the estimates-beating first quarter reported by the massive pharmaceutical firm the earlier morning, they traded the shares up by 1.4% on the ultimate buying and selling day of the week. That eclipsed the 0.8% acquire of the S&P 500 index.

So what

That optimistic sentiment was bolstered by a bunch of price-target raises from analysts at a number of influential researchers.

Of those, arguably probably the most bullish was Wells Fargo prognosticator Mohit Bansal. He upped his goal on Lilly to $440 per share, properly greater than his earlier $375. Bansal maintained his obese (i.e., purchase) advice on the pharamceutical sector mainstay as his did so.

Elsewhere within the banking enterprise, UBS‘ Colin Bristow added $9 to his worth goal for a brand new stage of $447 per share. He stored his purchase advice intact.

Ditto for Terence Flynn at white-shoe funding financial institution Morgan Stanley, who nonetheless feels Lilly is a purchase, albeit as much as $478 as an alternative of his previous $445 goal. Robyn Karnauskas of Truist Securities was additionally a raiser, cranking the worth goal to $430 (for a rise of $9 per share) and sustaining her purchase advice.

Now what

Though Lilly’s quarterly efficiency wasn’t one for the document books — in any case, it suffered erosions in each income and profitability — traders had been cheered by a lift in income and non-GAAP (adjusted) earnings steerage. Maybe extra considerably, on the scientific entrance the corporate reported very promising outcomes from its high-potential, investigational weight problems drug, tirzepatide.