Elan "add"

03/09/07 - Goodbody Stockbrokers

NEW YORK, March 9 (newratings.com) - Analyst Ian Hunter of Goodbody Stockbrokers maintains his "add" rating on Elan Corporation (ELN). The target price is set to $14.20.

In a research note published this morning, the analyst mentions that the company is expected to post losses for FY07, rather than the previous estimate of profits of $7.4 million due to the pullback of revenue estimates for Tysabri and higher cost estimates. The analyst expects Elan’s share price to depend on the progress of the clinical development of the AAB-001 compound for the treatment of Alzheimer’s going forward.