UPDATE: UBS Upgrades Teva Pharma (TEVA) to Buy

(updating comment)

UBS analyst Kevin Caliendo upgraded Teva Pharma (NYSE: TEVA) from Neutral to Buy with a price target of $12.00 (from $14.00).

The analyst comments "In our view, TEVA's stock has underperformed a market that is overly discounting earnings, business disruption, and credit risks, whereas we see the risk to new product launches broadly balanced by opportunities, including accelerated respiratory franchise volume. We see minimal near term credit risk, even in the most stressed environment. The current fluidity leads us to make a few changes that leave near term EBITDA unchanged but we conservatively lower outyear estimates as we see a potentially longer growth path for new launches. We believe the market is currently pricing in significantly more risk than our estimates would suggest, creating a 3-1 risk-reward skew in the stock here. We upgrade our rating on the stock from Neutral to Buy."

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 $8.40 yesterday.

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