Brean Murray Starts Elan Corporation plc (ELN) at Sell
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Brean Murray initiates coverage of Elan Corporation plc (NYSE: ELN) with a Sell rating and $18 target price.
The firm said, "Our target price is derived by applying a revenue multiple of 8 and an earnings multiple of 30 to our 2013 revenue and EPS estimates of $2.9 billion and $1.19, respectively, and a discount rate of 20% to reflect the development and commercialization risk associated with Elan's programs outside of bapineuzumab, a monoclonal antibody to treat AD. We believe that our revenue and earnings projections have factored in reasonable growth for the company's base business lines beyond bapineuzumab, which we believe will ultimately fail in Phase 3."
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