Jefferies Maintains a 'Buy' on Elan Corp (ELN); Lets Spin
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Price: $18.12 --0%
Rating Summary:
0 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
0 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Jefferies maintains a 'Buy' on Elan Corp (NYSE: ELN) price target of $15.00 (from $20.00).
Analyst, Corey Davis, said, "After top-line Bapi failure ELN valuation clearly rested on Tysabri. By spinning-off early-stage discovery, Tysabri profitability, growth, and margin expansion flows through to investors unencumbered, and ELN can become more strategic. Some minimal uncertainty remains around non-Tysabri issues (AIP, D5), but Tysabri growth can drive this ship for a while in our view. We remove Bapi from our valuation and lower target to $15."
FY12 EPS estimate raised from (0.11) to (0.07) and FY13 from $0.18 to $0.43.
For an analyst ratings summary and ratings history on Elan Corp click here. For more ratings news on Elan Corp click here.
Shares of Elan Corp closed at $11.60 yesterday.
Analyst, Corey Davis, said, "After top-line Bapi failure ELN valuation clearly rested on Tysabri. By spinning-off early-stage discovery, Tysabri profitability, growth, and margin expansion flows through to investors unencumbered, and ELN can become more strategic. Some minimal uncertainty remains around non-Tysabri issues (AIP, D5), but Tysabri growth can drive this ship for a while in our view. We remove Bapi from our valuation and lower target to $15."
FY12 EPS estimate raised from (0.11) to (0.07) and FY13 from $0.18 to $0.43.
For an analyst ratings summary and ratings history on Elan Corp click here. For more ratings news on Elan Corp click here.
Shares of Elan Corp closed at $11.60 yesterday.
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