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

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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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