Mizuho Securities Cuts Price Target on Teva Pharma (TEVA) Following 2Q Beat

August 8, 2016 6:53 AM EDT
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Price: $43.15 -0.48%

Rating Summary:
    25 Buy, 13 Hold, 0 Sell

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Today's Overall Ratings:
    Up: 25 | Down: 28 | New: 8
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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."

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 $54.21 yesterday.

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