Teva (TEVA): Soft 2Q Underscores Need For Actavis - Piper Jaffray
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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)."
Shares of Teva Pharma closed at $55.45 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings
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