Barclays lowered the firm’s price target on Elanco (ELAN) to $21 from $23 and keeps an Overweight rating on the shares. With the major technical section completed for Zenrelia and two-thirds done for Credelio Quattro, product launches are expected in Q4 of 2024 and Q1 of 2025, respectively, the analyst tells investors in a research note. The firm says the boxed warning for Zenrelia may impact profits and mid-term consensus estimates. However, the recent resurgence in stock sentiment will take a bigger hit, while Zoetis (ZTS) should benefit from both, adds Barclays.
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