** Leerink Partners raises PT on Eli Lilly LLY.N to $1,232 from $1,119, maintains "outperform" rating

** Brokerage flags stronger overseas demand for tirzepatide, an expected Medicare boost from obesity drug coverage starting July 1, and upside from LLY's obesity pipeline

** Tirzepatide is the active ingredient in LLY's diabetes drug Mounjaro and weight-loss drug Zepbound; Leerink sees 2026 ex-U.S. tirzepatide sales of $19.5 billion, above consensus of $18.5 billion

** Leerink views eloralintide, LLY's experimental amylin-based obesity drug, as a key long-term driver; forecasts 2032 sales of $13.6 billion, versus consensus of $4.7 billion

** Says eloralintide is "wildly underappreciated as both a monotherapy and a combination therapy" and combining it with tirzepatide "could drive greater weight loss and also better gastrointestinal tolerability"

** "We see the potential for 2Q results to be above our and consensus estimates, driven by tirzepatide global upside offsetting Foundayo downside," Leerink says; estimates Q2 revenue of $20.6 billion

** Leerink expects Foundayo sales to improve in the coming quarters; forecasts 2026 global sales of $895 million, below consensus of $1.3 billion