Key Points
Eli Lilly's shareholders are in store for even more gains, according to a respected investment bank.
The drugmaker is poised to profit from the rapid growth of the global obesity treatment market.
Shares of Eli Lilly (NYSE: LLY) rose to a new all-time high on Tuesday, following upbeat analyst remarks.
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Getting more bullish
JPMorgan analyst Chris Schott reiterated his overweight (read: buy) rating on Eli Lilly's stock and boosted his share price target from $1,300 to $1,400.
Even after today's gains, JPMorgan's new price forecast implies potential returns of over 13% for investors who buy Eli Lilly's shares now.
The healthcare titan's market capitalization has ballooned to more than $1.1 trillion, driven by the blockbuster success of its popular GLP-1 drugs, Mounjaro and Zepbound.
Schott predicts that the rapid expansion of the U.S. weight-loss drug market and strong growth in international markets will drive Eli Lilly's sales and profits sharply higher.
In turn, Schott expects the medicine maker's earnings to exceed consensus estimates when it reports its second-quarter financial results on Aug. 5.
Additional growth catalysts
The obesity drug market is set to grow even larger. On July 1, the new GLP-1 Bridge program made Zepbound and Foundayo available to eligible Medicare patients for as low as $50 per month.
With an estimated 20 million Medicare patients potentially meeting the criteria for obesity drugs, there's a good chance JPMorgan's $1,400 target price for Eli Lilly's shares proves conservative.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Eli Lilly and JPMorgan Chase. The Motley Fool has a disclosure policy.
