Teva Pharma (TEVA) PT Cut At Wells Fargo

Wells Fargo analyst, David Maris, reiterated his Market Perform rating on Teva Pharma (NYSE: TEVA) and cut his price target to $18.00 (from $20.00) after catching up with Teva’s IR last week, revisiting the model given Teva’s previously issued 2019 guidance and public commentary, and considering the impact of recent prescription trends.

The analyst stated "Teva underscored some of the previous guidance including 2019 global Copaxone sales of $1.5 billion, a $300 million topline headwind in the EU and International businesses due to Fx, a negative impact by continued portfolio optimization and full year effect of the OTC JV dissolution in the EU, and a significant decline in other income (which was $225 million in
2018). We are taking some of these reminders to heart and slightly adjusting our numbers lower, although we are not as cautious as Teva on Copaxone".

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 $15.20 yesterday.

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