Elanco price target raised to $20 from $18 at BofA

BofA raised the firm’s price target on Elanco to $20 from $18 and keeps a Buy rating on the shares. With the core business driving a beat, “solid” Q2 guidance, and the 2024 product approval timing pushouts being shorter than expected by some, the firm calls the Q1 report “an encouraging update” from Elanco.