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Fly News Breaks for August 26, 2019
ELAN, BAYRY
Aug 26, 2019 | 07:24 EDT
BofA/Merrill analyst Michael Ryskin downgraded Elanco Animal Health (ELAN) to Neutral from Buy with a $30 price target. While the acquisition of Bayer's (BAYRY) Animal Health business could turn out positive in the longer term, there is too much uncertainty in the near-term, including which parts of the portfolio will be divested due to antitrust issues, Ryskin tells investors in a research note. The analyst does not expect answers until nearer to deal close, which is expected in mid-2020.
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