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Elan Corporation, plc Message Board

  • alphysolo alphysolo Nov 14, 2003 7:51 AM Flag

    Just saw LEH upgrade on JAGnotes

    11/14/2003 : JAGNote by Lehman Brothers Inc.
    ( 11/14 04:47:15)


    ELN: upgrade from underweight to overweight - Key take-aways: (1) significant
    improvement in
    liquidity position thru `05; (2) `04 rev & EBITDA
    guidance expected early next yr; (3) acquisition of
    Pharma Mkt reduces debt, simplifies business
    structure, & likely to imprv margin; (4) add`l asset
    disposal of $200-$300M expected until early `04 -
    likely to end thereafter. R&D pipeline remains on track:

    PLCE: reit overweight - 3Q03 EPS of $0.43 was $0.01 above our est, consensus
    and mgmt`s previous guidance. We believe fundamentals remain solid and the
    turnaround is on track

    FBF: reit equalweight - 12 month TGT price $30 , which implies a 10.9x P/E on
    our 2004 EPS estimate of $2.75. Our 2003 EPS estimate remains $2.43.

    (subscription service)

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