Leerink Partners Raises Price Target to $84 on Teva Pharma (TEVA) Following Call with CFO
Leerink Partners reiterated an Outperform rating on Teva Pharma (NYSE: TEVA), and raised the price target to $84.00 (from $74.00), following a call with CFO Eyal Desheh. The TEVA-AGN deal is estimated to close in 1Q'16 and management still anticipates holding its annual guidance call in early December. TEVA is expected to report earnings on July 30th.
Analyst Jason Gerberry commented, "We are updating our TEVA-AGN pro forma model and valuation, reflecting today's updates and our follow-up call with CFO Eyal Desheh. We're encouraged to see TEVA find a lower cost alternative to the proposed MYL (OP) deal, as the AGN deal provides comparable levels of accretion and leaves TEVA with enough financial flexibility to still acquire some specialty brand assets to replace lost Copaxone profits. We believe today's stock strength (+16%) reflects, in part, elimination of an overhang relating to a potential long/uncertain hostile takeover process with MYL. We are raising our valuation to $84/shr & remain OP."
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Shares of Teva Pharma closed at $72.00 yesterday.