Maxim Group Downgrades Teva Pharma (TEVA) to Hold

Maxim Group downgraded Teva Pharma (NYSE: TEVA) from Buy to Hold with a price target of $49.00 (from $55.00) in assumed coverage.

Analyst Pamela Bassett, D.M.D. coommented, "We are downgrading TEVA to Hold, from Buy, and lowering our price target to $49, from $55, as we anticipate a generic Copaxone approval and launch by June 2014. We expect Sandoz (NVS - $86.45 - NR)/Momenta (MNTA - $11.30 - NR) to launch M356 (generic Copaxone) in the U.S. by June 2014, likely negatively impacting Teva’s conversion of daily Copaxone patients to the three-times-weekly version. We expect M356 to receive interchangeable status from the FDA, which we believe could result in market share loss up to 50% in the first year—a $1.1 billion revenue cut for Teva. Additionally, we believe Teva could position and price three-times-weekly Copaxone like an authorized generic, potentially further eroding revenue and margins."

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 $49.56 yesterday.

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