Leerink upgrades Elanco following channel checks, semiannual veterinarian survey

As previously reported, Leerink analyst Daniel Clark upgraded Elanco (ELAN) to Outperform from Market Perform with a price target of $18, up from $14.50. The firm is gaining conviction in the company’s Pet Health launches – namely Credelio Quattro in the U.S. – and remains positive on the growth prospects within Farm Animal. Leerink’s increased conviction comes from channel checks and its semiannual veterinarian survey, which show growing interest in Quattro and Zenrelia. Although the stock has rebounded off of tariff-driven lows, the firm sees room for more re-rating and estimate upside.