Nomura Securities Starts Teva Pharma (TEVA) at Neutral

Nomura Securities initiates coverage on Teva Pharma (NYSE: TEVA) with a Neutral rating and a price target of $73.00.

Analyst Shibani Malhotra commented, "We initiate coverage of Teva Pharmaceutical Industries (TEVA) with a Neutral rating and a 12-month DCF-based target price of $73. We believe the Allergan Generics business acquisition was the right move for Teva, as the deal leaves the company as the definitive leader in an industry in need of consolidation. We highlight that pro forma Teva will hold the leading position with 21% market share, exceeding the combined share of the next two industry leaders. The combined entity will have a leading First-to-File (FTF) portfolio that could provide needed leverage with key customers. Further, given Teva’s generics CEO Sigurdur “Siggi” Olafsson’s unique knowledge of the acquired asset and the friendly nature of the deal, we expect a smooth integration. However, since the FDA has shown a willingness to approve Copaxone generics and Paragraph IV challenges and Inter Partes Review proceedings are pending for the 40mg formulation, the franchise remains at risk, leaving TEVA shares with a balanced risk/reward profile, in our view."

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 $59.34 yesterday.

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