Oppenheimer Upgrades Teva (TEVA) to Outperform as Investors to Refocus on Growth
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
(Updated - September 2, 2016 10:07 AM EDT)
Oppenheimer upgraded Teva Pharma (NYSE: TEVA) from Perform to Outperform with a price target of $66. Analyst Rohit Vanjani said with the generic Copaxone overhang mostly abated, he expects investors to focus on future growth through M&A.
Vanjani explained, "After invalidating Teva's '250 and '413 40 mg/mL Copaxone patents on 8/24 through an Inter Partes Review (IPR) decision, the Patent Trial and Appeal Board (PTAB) yesterday announced a similar conclusion for the remaining '302 patent. In light of the uncertainty surrounding the IPR decision, we had moved to a Perform rating in early August and previously suggested using an options strategy or paring down a position in Teva ahead of the IPR ruling. The validity of Teva's Copaxone patents now lie with the District Court decision, which will likely come in early 2017. Our understanding is that the court ruling is the more important of the two, with a higher hurdle to invalidate the patents. We move to an Outperform rating on Teva."
Shares of Teva Pharma closed at $50.90 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Stifel Upgrades PayPal (PYPL) to Buy Following 'Solid' Q3 Results
- RBC Capital Raises Price Target on Benchmark Electronics (BHE) Following In-Line 3Q
- Jefferies Cuts Price Target on Reliance Steel (RS) Following 3Q EPS Miss and Guidance
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Hot Upgrades, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!