Jefferies Raises PT on Elan to $19

Jefferies is out with its report today on Elan (NYSE: ELN), raising its PT from $12 to $19.

In a note to clients, Jefferies writes, "Now that Elan has almost doubled since we initiated in January, much has changed that we feel warrants an increase in our price target from $12 to $19. Concerns about Tysabri competition are waning and evidence of a net new patient add rebound should become apparent already in Q2. We may still be alone in thinking bapi will work -- meaning there's virtually nothing in the stock for it, in our view."

Jefferies maintains Buy on ELN.

At the time of posting, shares of ELN were trading pre-market at $11.84, up 2.07% from Tuesday's close.