UPDATE: JP Morgan Upgrades Teva Pharmaceuticals
On Friday, JP Morgan upgraded shares of Teva Pharmaceuticals (NYSE: TEVA) from Underweight to Neutral and raised the profit target to $49.
Analyst Chris Schott is encouraged by “favorable initial Copaxone 3x weekly trends and the potential for additional cost cutting activity,” but remains “less enthusiastic around Teva's organic growth prospects and its P&L reliance on Copaxone.”
Schott expects Teva management's “willingness to consider larger business development opportunities will be well received.”
Shares of Teva are up 21 percent year-to-date and up 1.8 percent to $48.82 during Friday's session.
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