Bank of America has reiterated its Buy rating on Eli Lilly stock, setting a $1,133 price objective on the stock, despite a decrease in its target from $1.294. The firm sees a 21% upside from the share price listed in its report following the company's first-quarter report, which saw sales and earnings per share beat expectations by 11% and 24%, and raised its fiscal 2026 sales guidance by 2.5%. The company's performance in the GLP-1 market exceeded BofA's own expectations and Wall Street's, including strong demand outside the U.S. The company sees its position in the fast-growing obesity market as a key driver. Despite the lower multiple, Bofa has raised its earnings estimates and projects sales of $84.7 billion in 2026, $97.4 billion in 2025, $110.6 billion in the obesity category, with the obesity industry expected to reach an extended category for an extended period.