By Sam Boughedda
Investing.com -- Eli Lilly and Company (NYSE: LLY ) is trading 3% higher Wednesday after Morgan Stanley analyst Terence Flynn raised the price target on the stock to $364 from $265, maintaining an overweight rating.
The analyst wrote in a note to investors that "LLY has the most robust new product cycle (and hence growth) outlook in Pharma."
Flynn said this is due to the company having the potential to launch five new drugs over the next two years, two of which (Tirzepatide for diabetes and Donanemab for Alzheimer's) they believe could achieve 2030 sales above $5 billion.
The analyst labeled Eli Lilly as his Top Pick.
"If LLY secures FDA approval of Tirzepatide in diabetes, delivers positive Phase 3 obesity data and competitor Phase 3 Alzheimer's data is positive, we would expect LLY's P/E multiple to further expand," concluded Flynn.
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