Piper Sandler Upgrades Teva Pharma (TEVA) to Overweight, 'The Times They Are A-Changin’'

Piper Sandler analyst David Amsellem upgraded Teva Pharma (NYSE: TEVA) from Neutral to Overweight with a price target of $19.00 (from $12.00).

The analyst comments "We are upgrading Teva to Overweight from Neutral and raising our PT to $19 from $12. We have not had a buy recommendation on the shares since 2011, owing to the erosion of Copaxone and Teva leaning in heavily on U.S. generics via the $41B Actavis Generics purchase in 2016 just ahead of what turned out to be a fraught period for the space. That move essentially set the company back a decade. Well, here we are. Upon further reflection and dialogue with management, we believe the shares are well-positioned for further multiple recovery/expansion (from a current EV/2024E EBITDA of ~6.5x), owing to the following: (1) a brand neuroscience business, led by the Austedo franchise, that in and of itself can drive longer-term EBITDA stability (i.e., anti-TL1A antibody TEV-48574 (‘574) is essentially upside); (2) a U.S. generics/biosimilars business that is better positioned for muted pressure (at worst); and (3) an improving capital structure."

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 $12.01 yesterday.

You May Also Be Interested In

• Goldman Sachs Upgrades Plains GP Holdings, L.P (PAGP) to Neutral
• Medtronic, Inc. (MDT) PT Lowered to $101 at Needham
• Bernstein SocGen Group Starts Cipher Mining (CIFR) at Outperform