Elanco analyst Jasper Hellweg initiated Elanco with a Buy rating and a price target of $37. The analyst cites the company's record of consistent growth through a "three-pillar strategy" of portfolio development, innovation, and productivity improvements. Hellweg is also positive on Elanco's continued cost reduction efforts and its strong pipeline for the next 1-4 years that could lead to a launch of as many as 36 new products. While the analyst warns that Elanco may see some "initial growing pains as a standalone public company" but also expects it to generate strong earnings growth over time.