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Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) announced Thursday a plan to eliminate more than 25 percent of its worldwide workforce as part of a strategy to slash $3 billion of annual costs.
The Analyst
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Goldman Sachs' Jami Rubin upgraded Teva's stock from Neutral to Buy with a price target boosted from $15 to $20.
The Thesis
Teva's cost-cutting plan marks a turning corner event for the Israel-based company, Rubin said in a note. The company is now in the early stages of a "credible turnaround," which is being led by new CEO Kåre Schultz, who has a history of under-promising and over-delivering.
While there will still be investor skepticism, the company's game-plan also marks the first time it has delivered a "concrete strategy" towards deleveraging the company, the analyst said. Specifically, a 4 times net leverage target for 2020 would likely be accompanied with EBITDA growth from $5.7 billion in 2018 to $6.5 billion in 2019, which would bring the company to its net leverage target.
Teva's stock will also benefit from the Street moving their numbers higher which marks a reversal of a bearish shift since the company's August 2016 acquisition of Actavis Generics.
Price Action
Shares of Teva gained 6 percent to trade around $18.32 Friday morning.
Analyst Eats 'Some Humble Pie,' Says Teva Needs To Deliver On Greater Visibility In Coming Months
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.