Oppenheimer Upgrades Teva (TEVA) to Outperform as Investors to Refocus on Growth
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(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.
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