** J.P.Morgan raises price target on U.S. drugmaker Eli Lilly LLY.N to $1,400 from $1,300

** Ahead of LLY's Q2 results on August 5, brokerage says its estimates are above consensus, adding "we see strong results based on the continued ramp of Mounjaro internationally and healthy growth in the U.S. obesity market"

** Estimates total sales of $20.7 bln (~$300 mln above cons) and EPS of $8.85 (+$0.13) for the quarter

** Expects minimal contribution from oral weight-loss pill Foundayo in the quarter with a greater ramp heading into Q4

** We would not be surprised to see LLY again raise its 2026 sales/EPS guidance - brokerage adds

** For the year, J.P.Morgan estimates are at the high end of LLY's 2026 guidance with sales of $85 bln (vs $82-$85 bln guide, inline with cons) and EPS of $36.60 (vs $35.50 - $37.00 guide)

** Sees upcoming data on combination of eloralintide and tirzepatide, expected at a major medical meeting in September, as a key catalyst, adding retatrutide late-stage results as well as strong monotherapy eloralintide data sets up LLY with a "range of next-generation programs to improve upon Zepbound's current best in class profile"

** New price target represents a 16.7% upside to the stock's last close of $1,200; Wall Street has a median PT of $1,250

** As of last close, shares are up 15.3% YTD