Berenberg downgrades Eli Lilly to "hold" as obesity drug expectations soar

** Shares of drugmaker Eli Lilly LLY.N marginally down at $761.86 in premarket

** Berenberg downgrades stock rating to "hold" from "buy"; slashes PT to $830 from $970

** Brokerage says with LLY now the market leader in obesity, consensus expectations for both its marketed and pipeline assets are already elevated, but sees limited upside potential from the current level

** On Tuesday, full results from a 72-week trial showed that LLY's experimental GLP-1 pill helped patients lose around 12% of their body weight, with weight-loss plateauing for most participants over time

** "We expect Lilly to remain in the obesity driving seat, we also conclude the obesity market upgrade cycle has plateaued, and consensus expectations for Lilly's franchise are high" - Berenberg

** Stock rated "buy" on average; median PT is $875.5, as per data compiled by LSEG

** As of last close, LLY is down ~1% this year