Eli Lilly & Co.'s relentless stock records have Morgan Stanley analysts musing whether it will become the first U.S. company outside of the Magnificent Seven to reach a market value of $1 trillion.
The analysts lifted their price target on the weight-loss drugmaker to the highest on Wall Street on Friday, to a level that would take the market capitalization to about $900 billion, according to Bloomberg calculations.
"Could Lilly be the first $1 trillion biopharma stock?" Morgan Stanley's Terence Flynn and colleagues asked in a note to clients. "We continue to see a path for further upside."
Shares of the drugmaker climbed as much as 2.1% on Friday, to hit a fresh record high.
The stock has jumped 32% this year, bolstered by demand for its Mounjaro and Zepbound drugs for diabetes and obesity. That's taken Lilly's market capitalization to nearly $730 billion, placing it among the 10 most valuable companies in the S&P 500 Index.
Lilly's market value overtook that of Tesla Inc. last month following disappointing earnings and growth concerns for the electric-car maker, which reached the $1 trillion mark in 2021 but has since fallen out of that select group.
