Add Eli Lilly (LLY) to Jefferies' big pharma upgrades, as the company is raised to Hold from...

|About: Eli Lilly and Company (LLY)|By:, SA News Editor

Add Eli Lilly (LLY) to Jefferies' big pharma upgrades, as the company is raised to Hold from Underperform (price target to $49 from $44) on a lack of near term downside risks and a healthy dividend. Nevertheless, expect FY14 EPS to come in 5-10% below consensus, analyst Jeff Holford says. Meanwhile, Merck (MRK), Abbott (ABT), and Novartis (NVS) are all top "restructuring plays." Jefferies says "the probability of significant spin-outs" for MRK should increase in 2014 and puts a sum-of-the-parts valuation of $54.30 on the stock.