Elanco price target raised to $23 from $18 at Stifel

Stifel raised the firm’s price target on Elanco (ELAN) to $23 from $18 and keeps a Buy rating on the shares. The firm’s diligence “makes the case for revenue upside” and its analysis finds that the Street’s longer-term EBIT margin estimate appears low, the analyst tells investors after conducting survey work and analyzing U.S. scanner data.