Needham & Company Maintains a 'Strong Buy' on Teva Pharma (TEVA); Strong Global Growth Leads 2Q11 “Beat” Despite Continuing U.S. Malaise
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Price: $36.77 +0.68%
Rating Summary:
17 Buy, 22 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
17 Buy, 22 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Strong Buy' on Teva Pharma (NASDAQ: TEVA) price target of $58.00.
Needham analyst says, "Individual line item performance was far from perfect, but 2Q11 results managed to satisfy increasingly pessimistic EPS expectations. For the second straight Q, strong European performance in the face of macro headwinds allowed TEVA to shake off continuing sluggishness in U.S. generics business. While TEVA’s European business appears to be “winning” at the expense of competitors, U.S. generic performance has been lackadaisical due to a lack of new product launches and lingering manufacturing issues...We updated our financial model to reflect 2Q11 results, the impact of the Taiyo acquisition and the company’s guidance in back-end loading new generic launches to 4Q11. We are lowering our overall 2011 EPS estimate to $5.05 (from $5.17) as we now expect the struggling U.S. generics business will have a more modest rebound over 2H11. Our 3Q11 and 4Q11 estimates move to $1.22 and $1.69, from $1.33 and $1.67, respectively."
For more ratings news on Teva Pharma click here and for the rating history of Teva Pharma click here.
Shares of Teva Pharma closed at $45.75 yesterday.
Needham analyst says, "Individual line item performance was far from perfect, but 2Q11 results managed to satisfy increasingly pessimistic EPS expectations. For the second straight Q, strong European performance in the face of macro headwinds allowed TEVA to shake off continuing sluggishness in U.S. generics business. While TEVA’s European business appears to be “winning” at the expense of competitors, U.S. generic performance has been lackadaisical due to a lack of new product launches and lingering manufacturing issues...We updated our financial model to reflect 2Q11 results, the impact of the Taiyo acquisition and the company’s guidance in back-end loading new generic launches to 4Q11. We are lowering our overall 2011 EPS estimate to $5.05 (from $5.17) as we now expect the struggling U.S. generics business will have a more modest rebound over 2H11. Our 3Q11 and 4Q11 estimates move to $1.22 and $1.69, from $1.33 and $1.67, respectively."
For more ratings news on Teva Pharma click here and for the rating history of Teva Pharma click here.
Shares of Teva Pharma closed at $45.75 yesterday.
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