Berenberg analyst Kerry Holford upgraded US pharmaceutical company Eli Lilly's rating from "Hold" to "Buy" this week, setting a price target of $1,400. Holford believes that while the market has fully recognized Eli Lilly's leading position in the obesity sector, it still underestimates its R&D efficiency, pipeline breadth, and the potential of its non-obesity businesses. She estimates that Eli Lilly has committed approximately $60 billion this year across more than 25 business development deals, including the acquisitions of Centessa Pharmaceuticals, Kelonia Therapeutics, and AtaiBeckley, and believes these non-obesity pipelines are not yet fully priced in by the market.