Goodman, who previously had modeled about $1.1 billion for 2020
Further, Goodman now sees only about 3.5 percent growth in top line annually through 2020 versus company’s forecast of 5 percent.
“We think we are different from management's forecast as we are likely more conservative in our sales assumptions for the key pipeline products including baricitinib, abemaciclib and CGRP. While the markets for these products are large opportunities, we expect these markets to be highly competitive, and Lilly will be a later comer in each of them,” Goodman wrote in a note.
According to Goodman, the upcoming catalysts for
Goodman has a Neutral rating on the stock, which he believes already prices in the low-to-mid-single-digit sales growth, and low double-digit earnings growth through 2020.
That said, the analyst slashed his price target to $70 from $82, saying that the shares should trade closer to the peer group given its lower growth prospect.
At last check, shares of Lilly were up 0.21 percent to $68.14.
|Nov 2016||BMO Capital||Downgrades||Outperform||Market Perform|
|Nov 2016||Atlantic Equities||Downgrades||Overweight||Neutral|
|Sep 2016||Goldman Sachs||Upgrades||Neutral||Buy|
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