Jefferies Maintains Hold on Eli Lilly (LLY)

Jefferies is out with its report today on Eli Lilly LLY, maintaining Hold. In a note to clients, Jefferies writes, "Q1 2011 results are better than consensus expectations due to a stronger top-line performance and better than expected operational margins. Non-GAAP 2011 EPS guidance has been reiterated and revenue guidance has been edged up due to better FX rates rather than underlying growth. Overall, we expect the stock to react positively to today's better-than-expected numbers." Jefferies has a $35 PT on LLY. At the time of posting, shares of LLY were trading pre-market at $35.73, down 0.78% from Friday's close.