Elanco upgraded to Overweight from Equal Weight at Barclays

Barclays analyst Balaji Prasad upgraded Elanco Animal Health to Overweight from Equal Weight with an unchanged price target of $14. The key overhang on the shares is Seresto, and a worst-case scenario is largely built into the shares, the analyst tells investors in a research note. The firm finds Elanco’s risk-reward as attractive with completion of the Bayer integration and likely improved operating metrics in the second half of 2023. It says multiple catalysts from approvals and launches could drive a re-rating over the next year.