Elan downgraded to "add"

01/13/06 - Goodbody Stockbrokers

LONDON, January 13 (newratings.com) - Analyst Ian Hunter of Goodbody Stockbrokers downgrades Elan (ECN-EUR) from "buy" to "add." The target price is set to $17.10.

In a research note published this morning, the analyst mentions that the downgrade in the rating is based on valuation. Elan's share price has appreciated over the past six weeks on market optimism regarding Tysabri being approved by the FDA and the drug returning to the market during 2Q06, and improved market confidence in the company's Alzheimer's drug pipeline, Goodbody Stockbrokers adds.