UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Teva Pharmaceutical Industries
In a report published Monday, Credit Suisse Group reiterated its Outperform rating on Teva Pharmaceutical Industries Ltd. (NYSE: TEVA), but slightly lowered its price target from $51.00 to $50.00.
Credit Suisse noted, “We would be buyers of Teva shares ahead of the Dec. 11th investor day. Teva's 2013 guidance of $4.85-$5.15 was well below consensus and our expectations; however, our overall impression from the co.'s call was positive. Teva has set a new, makeable bar for 2013, and has shown increased transparency in its guidance. The co.'s 2013 guidance dispenses with the market's apprehension about "how low" the numbers would be, and allows the company to focus investor attention at the Dec. 11th event on several more positive, long-term topics: (1) portfolio strategy (including business development and pipeline details); (2) capital allocation; and (3) details on the newly announced $1.5 - $2.0 Bn cost cut program.”
Teva Pharmaceutical Industries Ltd. closed on Friday at $40.35.
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