UPDATE: Stifel Starts Elanco Animal Health (ELAN) at Buy
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Stifel analyst Jonathan Block initiates coverage on Elanco Animal Health (NYSE: ELAN) with a Buy rating and a price target of $37.00.
The analyst comments "We believe that Elanco is well-positioned for a rebound as innovation may contribute +2%- 3% to the top line over the next several years, Focus products continue to contribute to revenue, and the company executes on its margin expansion initiatives. Our proprietary diligence uncovers relatively stable share within key existing products, and we believe Elanco will bring several high-potential products to market over the next few years. We believe there is a line of sight into the company's current objectives, including deleveraging targets, and that execution remains key to a potential turnaround for Elanco."
Shares of Elanco Animal Health closed at $29.39 yesterday.
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