Teva Pharma (TEVA) Price Target Raised to $68 at Deutsche Bank; Large & Small Deals Remain Priority, Notes Analyst

Deutsche Bank maintained a Buy rating on Teva Pharma (NYSE: TEVA) and raised is price target to $68.00 (from $67.00). Earlier Teva announced a deal to acquire Auspex Pharmaceuticals (NASDAQ: ASPX). Analyst Gregg Gilbert pointed out that this acquisition doesn't mean other deals aren't coming.

"At first glance, the deal appears to make clear strategic sense and should make financial sense even at peak sales far less than management’s aspirations. We are raising our PT to $68 (from $67) based on the addition of lead product SD-809 for Huntington’s disease (HD). While some Street observers are hyper-focused on the concept of TEVA doing a large, transformational deal, we like that management is focused on building long-term franchise value in key areas such as CNS. We note that management has made it clear that business development deals from small to large remain a priority," said Gilbert.

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 $61.98 yesterday.

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