Eli Lilly (LLY) Stock Upgraded at BofA/Merrill Lynch

NEW YORK (TheStreet) -- Eli Lilly & Co. (LLY) stock was upgraded by analysts at Bank of America/Merrill Lynch to "buy" from "neutral" and its price target was raised to $101 from $74.

On Thursday, shares are rallying 2.87% to $84.71.

Expectations are bullish as there is "significant room for further upward revisions, which will be catalyzed by multiple events over the next 6 to 12 months," according to the analyst note.

Two assets in the pipeline that analysts focused on were eva and sola, which represent high risk/reward opportunities with pivotal Phase III readouts in the next 12 to 18 months.

Additionally, Lilly was added to the U.S. 1 conviction buy list and was viewed as the top-pick within U.S. Major Pharma, analysts noted. 

The company discovers, develops, manufactures and sells pharmaceutical products worldwide. It operates in two segments: human pharmaceutical products and animal health products.

Separately, TheStreet Ratings team rates LILLY (ELI) & CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate LILLY (ELI) & CO (LLY) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

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