Jefferies Says Analysis on Elan Supports $19/Share Takeover Bid, Lifts Price Target to $19

In a report from Jefferies' Corey Davis published Tuesday, the analyst suggested

execs have indicated they may agree or strongly consider a takeover anywhere between $15 to $20 per share. Davis's analysis supports a $19/share bid, but only from a "high taxpaying suitor." Davis named some potential strategic buyers:

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n Jefferies maintains a Buy rating; the price target was raised from $14 to $19. The stock is up 2 percent to $13.76 in early-morning trade.