Calling it the "best fundamental story" among U.S. large caps, UBS analyst Colin Bristow on Friday lifted his price target to $612 from $526.
The stock has already gained 47% year to date, mostly on the back of lofty expectations for weight loss drug sales.
Bristow also expects data for its Crohn's disease treatment by year-end, as well as readouts on Verzenio for prostate cancer.
Then by 2024, Lilly is expected to submit data for a cell therapy for type 1 diabetes.
And there's potential for even more upside if the drug adds other indications such as renal treatment, he said.
Persons:
Eli Lilly, Colin Bristow, Bristow, Lilly, Jaypirca, Novo's, — CNBC's Michael Bloom
Organizations:
UBS, Food, Drug, European Union, Novo
Locations:
U.S