Jefferies Reiterates Buy Rating, $20 PT on Elan Corporation

In a report published Wednesday, Jefferies & Company reiterated its Buy rating and $20.00 price target on Elan Corporation

. Jefferies noted, “This morning on J&J's earnings call, mgmt announced that bapineuzumab Ph3 data would be presented for the first time as a late breaker at EFNS in Stockholm in early September. This had been speculated in the market but not confirmed. We have learned each of the two P3 trials will be shown as two different presentations on Tuesday, September 11, 2012 from 11:00am-12:00pm CEST (5:00am-6:00am EDT).” Elan Corporation closed on Tuesday at $13.65.