UPDATE: Jefferies Downgrades Elan Corp on PRGO Takeout
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
|Feb 2013||Leerink Swann||Upgrades||Underperform||Market Perform|
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