Elanco initiated with an Overweight at Barclays

Barclays initiated coverage of Elanco (ELAN) with an Overweight rating and $30 price target The firm rolled out coverage on the specialty pharmaceuticals industry with a neutral view, saying investor sentiment is improving as companies shift focus to innovation, margin expansion and de-leveraging. The group’s pricing headwinds are easing while debt leverage is coming down, the analyst tells investors in a research note. Barclays sees “plenty of opportunity” as the sector “remains in a transition phase.”