Canaccord Reiterates Buy, $52 PT on Teva

Canaccord maintains its Buy rating and $52 target price on Teva Pharmaceuticals as it still sees near term upside in the company. Canaccord says, “We see most near-term upside in TEVA and are modestly raising Q4 and 2012 to reflect the Ranbaxy Gx Lipitor deal. We remain buyers into the 2012 update where we see an inflection point on two fronts: (1) a reversal in 2011 challenges with several tailwinds ahead and (2) likelihood of a capital allocation philosophy shift setting stock up well into Q4 and what will be a low hurdle.” TEVA closed at 39.99 per share on Wednesday.