Goodbody still bullish on Elan

Following the approval for its anti-migraine drug Frova, Goodbody has reiterated its "strong buy" recommendation for pharmaceutical…

Following the approval for its anti-migraine drug Frova, Goodbody has reiterated its "strong buy" recommendation for pharmaceutical company Elan, setting a price target of $71 for a stock that currently trades below $50.

Goodbody says the announcement will improve confidence that Elan can move developing products to market.

It also sees potential upside for the company if the new product gains market share more quickly than projected.