Eli Lilly (NYSE:LLY) shares gained more than 3% intra-day today after BofA Securities analysts raised their price target on the company from $600.00 to $700.00, maintaining a Buy rating.

The analysts see the obesity launch and the incretin pipeline as the key drivers of Eli Lilly’s growth. Despite recent share price pressure due to macroeconomic factors, the bank is optimistic about the company’s prospects, especially with the expected approval of Mounjaro for obesity and potential broader reimbursement.

The analysts also noted that Eli Lilly’s diverse pipeline, including indications beyond diabetes and obesity, could drive growth by 2025, leading to the price target increase.

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