(CercleFinance.com) – Eli Lilly shares gained more than 3% on Friday on Wall Street, boosted by Bank of America which raised its price target citing the good prospects for tirzepatide, its anti-obesity drug.
According to the research office, annual sales of tirzepatide could exceed $60 billion by 2030, four times more than the figure expected this year.
This optimism led him to raise his price target from $800 to $1,000, while renewing his buy recommendation on the stock.
Tirzepatide is an agonist of the glucose-dependent insulinotropic peptide (GIP) receptor, a hormone that reduces food intake and increases energy expenditure, resulting in weight reduction.
Beyond the quality of the group’s franchise in weight loss, BofA highlights its promising prospects in neuroscience, oncology and inflammation-immunology (I&I), the latter division being expected to generate, according to the analyst, an average annual growth of 16% in the next five years.
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