Top Analyst Reports for Eli Lilly, Shell & ICICI Bank

Monday, December 22, 2025

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Eli Lilly and Co. (LLY), Shell plc (SHEL) and ICICI Bank Ltd. (IBN), as well as two micro-cap stocks Frequency Electronics, Inc. (FEIM) and Vaso Corp. (VASO). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.

These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

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The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.

You can read today's AWS here >>> Pre-Markets Continue Higher. PSKY Not Done Pursuing WBD

Today's Featured Research Reports

Eli Lilly’s shares have outperformed the Zacks Large Cap Pharmaceuticals industry over the past year (+35.6% vs. +18.1%). Demand for the company’s popular GLP-1 drugs, Mounjaro and Zepbound, remains strong, making them the company’s key top-line drivers. Launches of these drugs in new international markets and improved supply from ramped-up production have led to strong year-to-date sales in 2025. 

Lilly’s other new drugs like Kisunla, Omvoh and Jaypirca are also contributing to its top-line growth. Lilly is also making rapid pipeline progress in obesity and diabetes with an oral GLP-1 obesity pill, orforglipron, expected to be launched next year. 

Declining sales of Trulicity, rising pricing pressure on some drugs and potential competition in the GLP-1 diabetes/obesity market are some top-line headwinds. 

(You can read the full research report on Eli Lilly here >>>)

Shares of Shell have outperformed the Zacks Oil and Gas - Integrated - International industry over the past year (+22.7% vs. +14.3%). This oil supermajor, based in London, looks fairly balanced at the moment. Shell’s third quarter 2025 results highlight resilience and disciplined execution across its portfolio. Strong LNG performance, robust upstream output from projects like Whale and Mero showcase solid cash generation and shareholder commitment. 

Strategic divestments and targeted reinvestments underscore capital discipline and support long-term transition goals. However, revenue decline alongside rising operating costs is pressuring margins. Chemical and product earnings plunged 65%, revealing downstream weakness, and renewables remain minimally profitable. 

With stable fundamentals offset by cyclical and structural headwinds, a neutral stance is justified—balancing solid financial health against uneven growth and energy-transition uncertainty.

(You can read the full research report on Shell here >>>)

ICICI Bank’s shares have underperformed the Zacks Banks - Foreign industry over the past year (-0.9% vs. +62.9%). The company’s weak asset quality is a major headwind and which will likely hurt financials. Moreover, several macroeconomic concerns make us apprehensive about the company’s growth prospects. 

Also, rising operating expenses, primarily driven by technological investments and branch expansion, are expected to hurt bottom-line expansion to some extent in the near term. Nevertheless, ICICI Bank's increased dependence on domestic loans, strong retail loan demand, relatively higher interest rates and a stable funding base are expected to support its financials.

The company’s efforts to digitize banking operations for retail and corporate clients, including cross-selling and upselling opportunities, are expected to continue supporting non-interest income.

(You can read the full research report on ICICI Bank here >>>)

Shares of Frequency Electronics have outperformed the Zacks Instruments - Control industry over the past six months (+122.3% vs. -4.7%). This microcap company with a market capitalization of $470.5 million is capitalizing on strong momentum from U.S. defense contracts, securing multi-year government awards, such as the $3.1 million Patriot Missile system deal and $4.8 million in airborne synchronization orders. 

Frequency Electronics’ $82 million backlog, up 17% in six months, offers near-term revenue visibility, with 69% realizable within 12 months. The revenue mix is shifting toward defense, with non-space government work now 70% of sales. FEIM’s Rubidium Atomic Clocks provide a technological edge in military avionics, reinforcing competitive positioning. A $20 million share repurchase plan supports shareholder returns. 

However, gross margin contraction, a 58% drop in operating income, declining operating cash flow, and a shrinking high-margin satellite base present risks. 

(You can read the full research report on Frequency Electronics here >>>)

Vaso’s shares have outperformed the Zacks Medical - Instruments industry over the past six months (+30.8% vs. +16.8%). This microcap company with a market capitalization of $29.47 million operates a diversified three-segment model with improving revenue visibility, supported by rising deferred revenue and milestone-based billing that enhances predictability in seasonally strong periods. 

The extension of its exclusive GE HealthCare sales agreement through 2030 anchors a significant share of revenue and supports long-term stability, while a debt-free balance sheet provides flexibility. Operating performance has improved with a return to quarterly profitability and a divestiture that supports focus on recurring IT services.

 Key risks include heavy reliance on GE HealthCare, elevated SG&A that limits operating leverage, weak SaaS traction and underperformance in the equipment segment. Cash flow strength remains partly working-capital driven. The valuation indicates both potential upside and ongoing execution and scalability risks.

(You can read the full research report on Vaso here >>>)

Other noteworthy reports we are featuring today include Deutsche Bank Aktiengesellschaft (DB), General Motors Company (GM) and Markel Group Inc. (MKL).

Director of Research

Sheraz Mian

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

Lilly (LLY) New Drugs to Drive Sales Growth Amid Rising Competition

Strong Balance Sheet Supporting Sustainable Growth Aids Shell (SHEL)

Digitization of Operations, Loans Aid ICICI Bank (IBN), Costs a Woe

Featured Reports

Strong Balance Sheet Position Supports Deutsche Bank (DB)
Per the Zacks analyst, rising deposit balances will strengthen Deutsche Bank's balance sheet. Also, a strong liquidity position aids sustainable capital distribution moves.

Investments and Shareholder-Friendly Moves Aid Eversource Energy (ES)
Per the Zacks analyst, Eversource Energy expands its transmission and distribution infrastructure through systematic investments. Stable performance has allowed it to enhance shareholder returns.

Strong Business Model Aids Williams-Sonoma (WSM), Tariff Risks Hurt
Per the Zacks analyst, Williams-Sonoma is gaining from an effective operating model, diversified brand portfolios and a robust e-commerce channel. Yet, incremental tariffs and other macro risks hurt.

Tyson Foods (TSN) Gains From Strong Chicken Segment Performance
Per the Zacks analyst, Tyson Foods is benefiting from strong Chicken segment execution, with higher operating income, margin expansion and solid gains driven by operational excellence in fiscal 2025.

Woodward (WWD) Gains from Strength in Aerospace Segment
Per the Zacks analyst, Woodward's Aerospace segment is gaining from strength in the commercial aftermarket and higher defense activity, with fiscal 2026 revenues expected to grow 9jQuery35106951564856034854_1766413747517?15% from this unit.

eSignature Strength Boost Docusign (DOCU) Amid Low Liquidity
The Zacks analyst is positive about Docusign's top line as it is significantly benefiting from continued customer demand for eSignature. Declining liquidity is concerning.

Focus on R and D Aids Merit Medical (MMSI) Amid Stiff Competition
The Zacks analyst is upbeat about Merit Medical's continued focus on research and development (R D) in recent times despite its operation in a highly competitive market.

New Upgrades

General Motors (GM) Software Momentum Builds with Super Cruise.
Per the Zacks Analyst, General Motors software and services business is becoming a key growth driver, with $2B YTD revenue, deferred revenue up 90% YoY, and fast adoption of OnStar and Super Cruise.

Markel (MKL) Continues to Gain From Strategic Acquisitions
Per the Zacks analyst, a number of buyouts have aided Markel to achieve profitable growth in insurance operations, expand its reinsurance product offerings and boost its surety capabilities.

Data Center Growth Aids Advanced Energy (AEIS) Prospects
Per the Zacks Analyst, Advanced Energy benefits from strong demand in the data center computing market and customer adoption of its advanced semiconductor technologies like eVoS and eVerest platforms.

New Downgrades

Metal Prices Aid Royal Gold (RGLD) Amid Low Output from Some Mines
Per the Zacks analyst, high gold and silver prices is aiding Royal Gold's performance. However, lower production from Xavantina and Penasquito remains a headwind.

News Corp (NWSA) Boosts Digital Offerings to Lift Top-Line Growth
Per the Zacks analyst, News Corp is augmenting its revenue streams through strategic buyouts, operational enhancement and enhanced digital offerings. It is also focusing on real estate businesses.

Growing Top line Aids Allstate (ALL), High Claim Costs Hurt
Per the Zacks analyst, Allstate benefits from a healthy revenue stream, courtesy of a broad product suite and pricing discipline. However, high claims expense put strain on underwriting profits.

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This article originally published on Zacks Investment Research (zacks.com).

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