UPDATE: Morgan Stanley Upgrades Teva Pharmaceutical Industries on Copaxone 3TW Success
In a report published Friday, Morgan Stanley analyst David Risinger upgraded the rating on Teva Pharmaceutical Industries (NYSE: TEVA) from Underweight to Equal-Weight, and named a $52.00 price target.
In the report, Morgan Stanley noted, “Launch of the new 3TW (3 times per week) formulation of Copaxone succeeds in partially diminishing the threat from once daily generics in May '14. Physicians and patients appear to be embracing the new 3TW formulation, and conversion to date has exceeded our expectations. We now expect Teva to reach its conversion goals (35% by June 1 and 57% by the end of the year). New CEO Eroz Vigodman is a proven turnaround expert, and we expect him to pursue new external growth opportunities.”
Teva Pharmaceutical Industries closed on Thursday at $47.93.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.