JPMorgan upgraded Elanco (ELAN) to Overweight from Neutral with a price target of $24, up from $18. The company is entering an “attractive innovation cycle,” the analyst tells investors in a research note. The firm believes the launch of Credelio Quattro is progressing well ahead of expectations with the product starting to become a meaningful contributor to revenue. Experior is also performing well which is often overlooked by the Street, contends JPMorgan. It sees a favorable share setup from here as Elanco “continues to execute.”
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