Jefferies Downgrades Teva Pharma (TEVA) to Hold; Too Many Headwinds

November 16, 2016 6:32 AM EST
Get Alerts TEVA Hot Sheet
Price: $34.10 --0%

Rating Summary:
    19 Buy, 20 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 1
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Jefferies downgraded Teva Pharma (NYSE: TEVA) from Buy to Hold with a price target of $40.00 (from $69.00), saying there are too many headwinds.

Analyst David Steinberg commented, "Our view has changed. We now think there is little over the next year to hang one’s hat on. Just lowered US generics guidance for Q4 likely presages more weakness in 2017 and the likelihood for a 40mg Copaxone generic is increasing. When one adds poor recent BD (e.g. Rimsa), high debt, and few NT value creating pipeline events it’s tough to make a case for outperformance. The valuation is low – but it’s not enough to justify a Buy. We lower our rating to Hold."

The firm cut FY 2016 EPS from $5.25 to $5.15 and FY 2017 EPS from $6.15 to $5.75.

For an analyst ratings summary and ratings history on Teva Pharma click here. For more ratings news on Teva Pharma click here.

Shares of Teva Pharma closed at $37.60 yesterday.

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