Piper upgrades Elanco to Overweight on new growth driver

Piper Sandler analyst David Westenberg upgraded Elanco (ELAN) to Overweight from Neutral with a price target of $30, up from $24. After attending the VMX conference, Piper believes Elanco “is making some serious inroads” with corporate groups. The corporate channel represents a new driver for Elanco, the analyst tells investors in a research note. Regarding pricing and Befrena, Piper found little push back to the idea that Elanco will raise prices on its core franchise.