UPDATE: Citigroup Reduces PT to $49 on Teva Pharmaceuticals on Lower Estimates

Citigroup reduces its price target fro $55 to $49 on Teva Pharmaceuticals TEVA as it reiterates shares at Buy. Citigroup notes, "We lowered our 2012E EPS on TEVA by (-$0.28) to $5.40 (+9%) compared to TEVA's rebased 2012E EPS range of $5.30(+7%)-$5.40(+9%) vs. the Street's $5.57 & below its previous $5.48 (+10%)-$5.68(+14%) on lower sales. Our 2012E sales decreased by (-$780M) to $20.5B vs. TEVA's $20.0B-$21.0B range. We lowered our 2013E & 2014E sales/EPS by (-$760M) & (-$790M) to $21.9B(+7%) & $23.2B(+6%) & (-$0.19) /( -$0.20) to $6.06(+12%)/$6.43 (+6%). Our 3-yr 2011-14E sales/EPS CAGR's decrease to +8%/+9% from +9%/ +10%." TEVA closed at $38.69 on Thursday.