UPDATE: Citigroup Initiates Coverage on Teva Pharmaceutical Industries Ltd. on Attractive Risk-Reward Profile

In a report published Friday, Citigroup analyst Liav Abraham initiated coverage on

with a Buy rating and $47.00 price target. In the report, Citigroup noted, “We see the potential for value to be unlocked over the next 12 months as investors look past the Copaxone cliff, and focus on the growth profile of the company's ex-Copaxone franchises, which comprise c.80% of the company's intrinsic value and are growing at a 19% 5-year CAGR. We also see the potential for material upside from potential shareholder-friendly actions on the part of management. Actavis and Teva are our Buy-rated names within the multinational generic universe.” Teva Pharmaceutical Industries Ltd. closed on Thursday at $40.32.