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Citigroup Starts Eli Lilly with a “Buy” Rating; Fiscal Cliff Sequestration Consequences Limited (LLY)

By
November 30th, 2012

Citigroup Starts Eli Lilly with a "Buy" Rating; Fiscal Cliff Sequestration Consequences Limited (LLY)

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Citigroup initiated coverage on pharmaceutical company Eli Lilly & Co. (LLY) on Friday.

The analysts start LLY off with a “Buy” rating and a price target of $55, a +13% upside to Thursday’s closing price of $48.58

The firm said that they believe the risks of sequestration due to the “fiscal cliff,” meaning a cut to Medicare part D drug spending, would be small for LLY.

Eli Lilly shares were up 17 cents, or +0.35%, in premarket trading on Friday.

The Bottom Line
Shares of Eli Lilly (LLY) have a 4.03% dividend yield, based on last night’s closing stock price of $48.58. The stock has technical support in the $44-$46 price area. If the shares can firm up, we see overhead resistance around the $51-$52 price levels.

Eli Lilly & Co. (LLY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.