Sam Boughedda

Investing.com — Eli Lilly and Company – (NYSE: 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.

In a note addressed to investors, the analyst stated that LLY had “the most robust new products cycle (and thus growth outlook) in Pharma.”

Flynn stated that this was due to five potential new drugs being launched by the company over the next 2 years. Two of them (Tirzepatide to treat diabetes and Donanemab to combat Alzheimer’s disease) could be profitable for the company to achieve sales in excess of $5 billion by 2030.

According to the analyst, Eli Lilly is his Top Pick.

Flynn concluded that if LLY receives FDA approval for Tirzepatide, in diabetes, and if Phase 3 data on obesity is positive and Phase 3 data from a competitor are positive, then we expect LLY’s PE multiple to continue expanding,” he said.