Deutsche Bank Starts Teva Pharma (TEVA) at Buy
Deutsche Bank initiated coverage on Teva Pharma (NYSE: TEVA) with a Buy rating and a price target of $63.00.
Analyst Gregg Gilbert said, "While the potential cliff for Copaxone looms and the generics business has not been without challenges, we like the combination of valuation, attractive dividend yield (similar to Big Pharma), and the potential for greater focus on strategic initiatives that increase shareholder value under new CEO Erez Vigodman. We see the recent hire of industry veteran Siggi Olafsson to run global generics and the simplification of the management structure as positive steps, and we sense that investors are skeptical about cost savings initiatives, the entire branded product pipeline, and Teva’s ability/desire to do deals."
Shares of Teva Pharma closed at $54.95 yesterday.
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