Teva Pharma (TEVA) PT Bumped to $75 at Piper Jaffray

Piper Jaffray analyst David Amsellem lifted his price target on Teva Pharma (NYSE: TEVA) to $75.00 (from $57.00) on plans to acquire Allergan's generic business but maintained a Neutral rating.

Amsellem commented, "With Teva deadset on doubling down on its global exposure to generics, this at least brings it a higher quality set of assets compared to Mylan, and that should drive modest P/E expansion in our view. That said, irrespective of the quality of these assets, the challenge in a global generics business in our view is visibility on robust long-term organic growth (we believe this is less of an issue with niche players focused on mainly on alternative dosage forms). As such, we do not envision dramatic P/E expansion. TEVA is trading at 11x our pro forma 2017 EPS estimate, and this is in the context of an EPS CAGR that is in the midto-high single digits at best."

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 $72.00 yesterday.

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