The stock of pharmaceutical giant Eli Lilly (LLY) is up 3% and trading at an all-time high on Aug. 19. Shares of the company were changing hands at a record intraday high of $1,292.65 at noon hour as a post-earnings rally in the stock continues. LLY stock has now gained 10% in the past month amid signs of accelerating sales of the company's blockbuster weight-loss drugs.

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Over the last year, Eli Lilly's stock has increased has experienced a remarkable 74%, reflecting strong investor confidence and robust sales of the company's market leading obesity medications. The current rally in LLY stock comes after the company's strong recent financial results, which prompted several analyst upgrades.

Analyst Upgrades to LLY Stock

BMO Capital Markets (BMO) recently raised its price target on Eli Lilly's shares to $1,400, citing strong performance from weight-loss drugs such as Zepbound and Mounjaro. Similarly, Wells Fargo (WFC) increased its price target for LLY stock to $1,330, highlighting the company's guidance raise and potential upside from growing sales of its new obesity pill called Foundayo.

For this year's second quarter, Eli Lilly reported revenue of $79.67 billion, representing year-over-year growth of nearly 50%. The sales were driven by weight-loss drugs Zepbound and Mounjaro, which continue to benefit from strong demand among consumers. Eli Lilly controls about 60% of the U.S. weight-loss drug market.

Is LLY Stock a Buy?

The stock of Eli Lilly has a consensus Strong Buy rating among 20 Wall Street analysts. That rating is based on 18 Buy and two Hold recommendations issued in the past three months. The average LLY price target of $1,375.78 implies 12% upside from current levels.