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UPDATE: Jefferies Downgrades Elan Corp on PRGO Takeout

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In a report published on Monday, Jefferies analyst Oren G. Livnat downgraded Elan Corp (NYSE: ELN) from Buy to Hold and lowered the price target on the company from $19 to $15.

In the report, Jefferies stated, "LN agreed to be acquired by Perrigo for ~$8.6B or $16.50/shr (based on prior PRGO stock price), a >40% premium to where ELN was following Bapi Ph.3 failure, and >25% above the last Royalty Pharma hostile bid. Given the open/ formal sales process, we do not see higher bids now and expect ELN shareholder approval and close by end'13."

Elan Corp closed on Friday at $14.93.

Latest Ratings for ELN

DateFirmActionFromTo
Jul 2013JefferiesDowngradesBuyHold
Jun 2013JefferiesMaintainsBuy
Feb 2013Leerink SwannUpgradesUnderperformMarket Perform

View More Analyst Ratings for ELN
View the Latest Analyst Ratings

 

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Posted-In: Jefferies Oren G. LivnatAnalyst Color Downgrades Analyst Ratings

Latest Ratings

StockFirmActionPT
GDWolfe ResearchDowngrades
QRTEAB of A SecuritiesInitiates Coverage On
ABB of A SecuritiesDowngrades42.0
VCTRB of A SecuritiesUpgrades32.0
BSIGB of A SecuritiesUpgrades27.0
View the Latest Analytics Ratings
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