Needham & Company Upgrades Teva Pharma (TEVA) to Hold; Same Old Growth Drags and Risk Overhangs
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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 upgraded Teva Pharma (NASDAQ: TEVA) from Strong Buy to Hold.
Analyst Elliot Wilbur, said, "We are reducing our rating on Teva after another quarter of disappointing top-line trends and increased near-term uncertainty tied to new management’s continued strategic assessment of the overall business coupled with the effective withdrawal of prior guidance. While historic low valuation arguably largely discounts secular growth concerns, as today’s price action shows, Teva shares can and will underperform in light of top-line murkiness and minimal near-term visibility on exact direction and pace at which new management will alter strategic direction. While we view downside as limited to 10-15% even in the event of a negative outcome in patent litigation against generic Copaxone filers, we increasingly view upside scenarios as essentially equivalent following renewed European generics weakness and potential downside guidance adjustments."
Needham cuts FY12 EPS estimate from $5.63 to $5.59 and FY13 from $6.26 to $6.01.
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 $42.19 yesterday.
Analyst Elliot Wilbur, said, "We are reducing our rating on Teva after another quarter of disappointing top-line trends and increased near-term uncertainty tied to new management’s continued strategic assessment of the overall business coupled with the effective withdrawal of prior guidance. While historic low valuation arguably largely discounts secular growth concerns, as today’s price action shows, Teva shares can and will underperform in light of top-line murkiness and minimal near-term visibility on exact direction and pace at which new management will alter strategic direction. While we view downside as limited to 10-15% even in the event of a negative outcome in patent litigation against generic Copaxone filers, we increasingly view upside scenarios as essentially equivalent following renewed European generics weakness and potential downside guidance adjustments."
Needham cuts FY12 EPS estimate from $5.63 to $5.59 and FY13 from $6.26 to $6.01.
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 $42.19 yesterday.
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