Teva (TEVA): Soft 2Q Underscores Need For Actavis - Piper Jaffray

August 5, 2016 9:03 AM EDT
Get Alerts TEVA Hot Sheet
Price: $44.00 -0.48%

Rating Summary:
    26 Buy, 12 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Piper Jaffray analyst David Amsellem bumped his price target on Teva Pharma (NYSE: TEVA) to $57.00 (from $55.00) but maintained a Neutral rating following Q2 results.

Amsellem commented, "Teva reported 2Q16 non-GAAP diluted EPS of $1.25 on revenue of $5.04B; recall that the company pre-announced results on 7/13/16. Teva also provided more color on why it believes that generic competition on Copaxone 40 mg is not a nearer-term threat. That said, we would still argue that the longer-term earnings growth outlook is murky given that we will see lower court and appellate court decisions in the 2017/2018 timeframe. With TEVA trading at a pro forma 2017 P/E and EV/EBITDA of 9x and 10x, respectively, we continue to believe the potential for further value creation is limited in the absence of M&A (and we believe that it is incumbent upon Teva to significantly bolster the brand commercial portfolio/pipeline). We reiterate our Neutral rating and are raising our PT to $57 from $55 (due to the rolling forward of the discounting period used in our PT calculation)."

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 $55.45 yesterday.

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