Eli Lilly's (LLY) Reaction to Disappointing Evacetrapib Data Appears 'Overdone', Says BofA/ML

BofA/Merrill Lynch maintained a Buy rating on Eli Lilly (NYSE: LLY) but lowered its price target to $104.00 (from $108.00). Analyst Colin Bristow said while he expected the stock to react negatively to news Lilly halted development of evacetrapib, the initial reaction appears overdone and beyond the consensus NPV contribution of evacetrapib. Consensus was for peak sales of around $800 million, the report noted.

For an analyst ratings summary and ratings history on Eli Lilly click here. For more ratings news on Eli Lilly click here.

Shares of Eli Lilly closed at $86.14 yesterday.

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