Teva Pharma (TEVA) Price Target Raised to $64 at Deutsche Bank
Get Alerts TEVA Hot Sheet
Rating Summary:
12 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Deutsche Bank maintained a Buy rating on Teva Pharma (NYSE: TEVA) and raised its price target to $64.00 (from $63.00). The change follows solid Q3 results.
Analyst Gregg Gilbert said, "We updated our model following TEVA’s 3Q results, which were notable for significant gross margin expansion (+260bp from 2Q; driven by the generics biz) and very strong cash flow from ops ($1.4bn vs. our $700mn). Importantly, management sounded bullish on the potential for continued gross (and operating) margin improvement and solid cash generation."
"We are maintaining our Buy rating as we continue to like TEVA’s combination of low relative valuation, attractive dividend yield, management focus on shareholder return, and the potential for value-added business development activity. We note that legal and/or regulatory delays for Copaxone 20mg generics could lead to upside to our model, which assumes generic competition in early 2015," he added.
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 $54.49 yesterday.
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