Eli Lilly dips after HSBC's double downgrade

Eli Lilly LLY.N shares dip 1.4% premarket to $872.32 after HSBC double downgrades rating to "reduce" from "buy"

Brokerage also cuts TP to $700 from $1150, saying there is "too much optimism in the price"

HSBC says obesity drug sector is sensitive to macro environment and sector's growth risk due to higher unemployment numbers is unknown

"We prefer Novo (Nordisk) over Lilly at the current share price", HSBC adds

Brokerage also downgrades Roche ROG.S, Biogen BIIB.O to "hold" from "buy," citing forex and China diagnostics risks for Roche and slow Alzheimer's adoption for Biogen

23 out of 29 analysts rate stock "buy" or higher, 5 "hold" and 1 "sell", median PT is $1000, as per LSEG data

YTD, Of last close, LLY up 14.6%, ROG up 3.6% and BIO down 22.3%