Canaccord Genuity Maintains a 'Buy' on Teva Pharma (TEVA); Adjusting Estimates; Copaxone Still In Focus
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Price: $37.34 +1.44%
Rating Summary:
17 Buy, 22 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
17 Buy, 22 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Buy' on Teva Pharma (NASDAQ: TEVA) price target of $52.00.
Analyst, Randall Stanicky, said, "New CEO Jeremy Levin provided a guidance update and business review today that brought a lot of attention but ultimately a flat stock at the end of the day. Stock action aside, we think TEVA did a good job of moving quickly post Q1 and providing as much clarity as possible at this point. Based on discussions, we think the fade in the early-day rally was driven by the combination of two things: (1) uncertainty related to the imminent Copaxone trial decision and (2) questions around 2013 and beyond, which is the subject of the ongoing business review, with potentially some other excess shares adding to pressure. While we lower EPS, our cuts to the outer years are more modest and make no change to our $52 target. We still like the upside potential on a Copaxone win, but think that is needed in order to see any sort of near-term break-out."
"We are updating our model post the conference call and lower EPS through 2015E (-1%-4%) and are at $5.38, $6.17, $6.43 and $6.65. We lower our 2012E EPS by ~ the 4% reduction from prior guidance that ceased with Q1 ($5.58 midpoint to new $5.35)."
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 $38.69 yesterday.
Analyst, Randall Stanicky, said, "New CEO Jeremy Levin provided a guidance update and business review today that brought a lot of attention but ultimately a flat stock at the end of the day. Stock action aside, we think TEVA did a good job of moving quickly post Q1 and providing as much clarity as possible at this point. Based on discussions, we think the fade in the early-day rally was driven by the combination of two things: (1) uncertainty related to the imminent Copaxone trial decision and (2) questions around 2013 and beyond, which is the subject of the ongoing business review, with potentially some other excess shares adding to pressure. While we lower EPS, our cuts to the outer years are more modest and make no change to our $52 target. We still like the upside potential on a Copaxone win, but think that is needed in order to see any sort of near-term break-out."
"We are updating our model post the conference call and lower EPS through 2015E (-1%-4%) and are at $5.38, $6.17, $6.43 and $6.65. We lower our 2012E EPS by ~ the 4% reduction from prior guidance that ceased with Q1 ($5.58 midpoint to new $5.35)."
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 $38.69 yesterday.
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