Mizuho Securities Cuts Price Target on Teva Pharma (TEVA) Following 2Q Beat
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Mizuho Securities maintained a Buy rating on Teva Pharma (NYSE: TEVA), and cut the price target to $70.00 (from $75.00), following the company's 2Q earnings report. TEVA reported revenue of $5.0B and $1.25 EPS, vs. $4.88B and $1.20 consensus and management's recent guidance of $4.9- $5.0B and $1.19-$1.22. Teva plans to hold an investor event in Sept to highlight its combined generic portfolio, followed by a branded R&D day at the end of the year.
Analyst Irina Koffler commented, "Teva reported a 2Q:16 beat and maintained guidance in spite of adding a distribution business that is expected to contribute $1.0B to its top line. We updated the model for cash/debt and Anda, and lowered our PT to $70 from $75 on these revisions. We still see TEVA as undervalued, with insufficient credit allocated to its pipeline. If the company can prevail in its Copaxone IPR challenge in August, we would expect meaningful share appreciation."
Shares of Teva Pharma closed at $54.21 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Irina Koffler
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