Needham & Company Maintains a 'Strong Buy' on Teva Pharma (TEVA); 3Q11 Results Only A Mother Could Love; We’ll Play Through The Pain
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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 lowered by $2 to $56.00.
Needham analyst says, "Expectations headed into 3Q11 were certainly on the low end and that’s good thing as Teva again managed to slide in under even the most pessimistic set of assumptions. Trends were strikingly similar to 2Q11 performance as U.S. generics came in well below forecasts weighed down continued erosion of former high-flying exclusivity products while European sales, though shy of consensus, demonstrated respectable growth metrics particularly given the challenges cited by other players in the region. Specialty brands outperformed across the portfolio, even Copaxone, though we don’t yet have the sense the market is ready to start granting the company credit for upside as a specialty play vs. penalizing for downside generic misses."
Needham lowers FY11 EPS estimate from $5.05 to $4.92 and FY12 from $576 to $5.63.
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 $39.76 yesterday.
Needham analyst says, "Expectations headed into 3Q11 were certainly on the low end and that’s good thing as Teva again managed to slide in under even the most pessimistic set of assumptions. Trends were strikingly similar to 2Q11 performance as U.S. generics came in well below forecasts weighed down continued erosion of former high-flying exclusivity products while European sales, though shy of consensus, demonstrated respectable growth metrics particularly given the challenges cited by other players in the region. Specialty brands outperformed across the portfolio, even Copaxone, though we don’t yet have the sense the market is ready to start granting the company credit for upside as a specialty play vs. penalizing for downside generic misses."
Needham lowers FY11 EPS estimate from $5.05 to $4.92 and FY12 from $576 to $5.63.
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 $39.76 yesterday.
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