Morgan Stanley upgraded Elanco to Overweight from Equal Weight with an unchanged price target of $16. The promise in the company’s “robust innovation pipeline is more tangible” entering 2024, with three new product approvals slated for the first half of the year and anticipated to bring meaningful sales contributions while stemming share loss across key categories, the analyst tells investors in a research note. The firm says that with or without its potential blockbusters, management expects to achieve positive constant currency sales growth in 2024. This is an “encouraging point” as Elanco returned to positive topline growth in Q3, says Morgan Stanley.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on ELAN:
- Ancora builds stake in Elanco Animal Health, pushes for changes, Bloomberg says
- Elanco price target raised to $13 from $12 at Stifel
- Elanco initiated with an Outperform at Exane BNP Paribas
- Elanco raises FY23 adjusted EPS view to 88c-94c from 80c-89c, consensus 85c
- Elanco reports Q3 adjusted EPS 18c, consensus 12c
