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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Gary M. Reed who wrote (823)	1/12/2000 1:25:00 PM
From: Charles Broderick	Read Replies (1) \| Respond to of 10345

Dublin Brokers very sweet on Elan!! Reiterated their strong buy last week which I wrote here! Todays report strengthens it!! Elan: We are publishing a report on the European pharmaceutical sector this morning. We expect the European sector to continue to struggle over the next 6 to 12 months and have an underweight stance. Relative valuations against both the total European market and the US drug sector look stretched in light of weak near-term prospects. Top-line growth in the European drug group is coming under pressure at the same time that pressures on R&D and marketing spend are gathering pace. We expect the European sector to deliver EPS growth of 12.5% in the current year against 17% from the US sector. We believe sector consolidation, although positive for valuations, will not be enough to overcome these issues. Our top picks are Roche and Aventis. We also favour Elan because of its high US exposure, strong top-line growth, 25% earnings growth and attractive valuation.