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Eli Lilly (LLY) Stock Higher, Upgraded at JPMorgan

NEW YORK (TheStreet) -- Shares of Eli Lilly (LLY) were advancing in pre-market trading on Thursday as JPMorgan raised its rating on the stock to "overweight" from "neutral."

The firm also increased its price target to $95 from $92 on shares of the Indianapolis-based pharmaceutical company.

The upgrade is based on the potential for new product driven upside to estimates in 2017 and beyond, coupled with a favorable risk and reward into solanezumab data late this year.

Solanezumab is the company's experimental drug to treat early Alzheimer's.

"We are currently forecasting ~5% topline and...