Following Teva Pharmaceutical Industries Ltd.’s TEVA opioid settlement, the Tel Aviv-Yafo, Israel-based company seems to be making “material progress” in clearing its litigation overhangs.
It also has a strong product cycle lined up for 2023 and 2024, according to Bank of America Securities.
The Teva Pharmaceutical Analyst: Jason Gerberry upgraded the rating for Teva from Neutral to Buy, while raising the price target from $10 to $13.
Check out other analyst stock ratings.
The Teva Pharmaceutical Thesis: Having resolved its opioid litigation suits, the company is positioned to begin investing in growth, Gerberry said in the upgrade note.
“Within the lower growth spec pharma names, we believe TEVA has the most room to re-rate given improving optimization of the cost structure and free cash flow generation,” the analyst wrote.
There is “enough visibility in the portfolio” to take Teva to low-single-digit EBITDA growth in 2023-24, he added.
TEVA Price Action: Teva shares had risen by 2.77% to $10.40 at the time of publication.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
