Teva Pharma (TEVA) PT Raised to $74 at Maxim Group on Deal for Allergan's Generic Drug Business

Maxim Group analyst Jason Kolbert reiterated a Buy rating and raised his price target on Teva Pharma (NYSE: TEVA) to $74.00 (from $64.00) after the company agreed to acquire Allergan's legacy Actavis global generics business. The company is dropping its bid for Mylan.

"This is a smart move by Teva and changes the footprint of the company," Kolbert said. "Based on our "back of the envelope" calculations, we agree with management's assessment for accretion especially if cost saves as projected are realized from outlined synergies. We are raising our price target to $74 based on increased EPS guidance, anticipated accretion from Allergan generic drug acquisition, and expected cost savings."

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 $61.85 yesterday.

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