Elan (ELN) Shares Surge as UBS Upgrades to Buy Amid Strong Tysabri Sales; Adds Stock to 'Key Calls List'

Shares of Elan Corp (NYSE: ELN) are on the move Thursday morning as UBS upgraded the stock from Neutral to Buy earlier. The UBS analyst also added the stock to UBS's "Top 20 Key Calls List." The firm's price target moves from €6.30 to €8.70.

UBS argues the market position of Elan's Tysabri drug is "secure" versus Novartis' (NYSE: NVS) Gilenya. The firm lifted its 2015 Tysabri sales estimate from $2.1 billion to $2.6 billion.

Shares of Elan are up more than 5.5 percent in pre-open trade Thursday amid the upgrade. On the NYSE, the stock last traded at $10.20.

For more ratings news on Elan Corp click here and for the rating history of Elan Corp click here.

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