Citi: Teva Pharmaceutical's CEO to Outline Strategic Direction
According to a research report published earlier today by Citi, Teva Pharmaceutical Industries Ltd.'s (NASDAQ: TEVA) new CEO to address targets along with its strategy to do smaller deals.
Citi commented in the report, “Teva's strategic initiatives (CEPH/Taiyo/P&G JV) are diversifying its business mix & lessening its dependence on Copaxone (17%/30% of sales/EPS in 2013). We expect continued dividend increases, as evidenced by its 25% increase in the quarter. We reiterate our BUY rating, as Teva's shares overly reflect oral MS competition & Copaxone loss of exclusivity before the 5/24/14 expiration.”
Citi maintains its $55 PT on Teva Pharmaceuticals, which closed yesterday at $43.52.
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