Zeev's Turnips Patch-No Politics (ZEEV)

[manny t]

ELN moving higher,

Shares in Elan continued their recent recovery in Dublin today as NCB Stockbrokers upgraded the company from 'reduce' to 'hold'. The shares were up 33 cent - nearly 10%5 - to €3.75 just before lunchtime.

NCB reviewed its recommendation following the implementation of a recent restructuring programme announced by new chairman Garo Armen.

The note said NCB viewed the programme and the aggressive measures taken to address the upcoming funding problems as positives, though it described the target of raising $1.5 billion in cash as ambitious. It said revenue targets appeared to be realistic.

Analysts David Marshall and Orla Hartford said Elan's recent strong share performance appears to have been driven by rumours of a takeover approach, but they believe any move is unlikely until the SEC has completed its probe into the company and the restructuring plan has progressed further.

http://www.onbusiness.ie/2002/0826/elan.html