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 Elan (NYSE: ELN) 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: Allergan (NYSE: AGN), Regeneron (NASDAQ: REGN), Vertex (NASDAQ: VRTX), Alexion (NASDAQ: ALXN), Zoetis (NYSE: ZTS), Mylan (NASDAQ: MYL), and Perrigo (NYSE: PRGO)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.
Latest Ratings for ELN
Date | Firm | Action | From | To |
---|---|---|---|---|
Jul 2013 | Jefferies | Downgrades | Buy | Hold |
Jun 2013 | Jefferies | Maintains | Buy | |
Feb 2013 | Leerink Swann | Upgrades | Underperform | Market Perform |
View More Analyst Ratings for ELN
View the Latest Analyst Ratings
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In: Analyst Color M&A News Price Target Analyst Ratings