Jefferies Reiterates Hold, $43 Target on Teva

Jefferies maintains its Hold rating and $43 target price on Teva

as the company's 2012 guidance failed to catalyze the stock despite being achievable and beatable. Jefferies comments, "It is unclear to us what gets this stock moving except for perhaps a favorable Copaxone ruling in Q2'12. Our $5.50 for 2012 is 12% reported growth (6% excluding CEPH accretion). For a $40B MC company, that's not bad. But since this gives it a 7.5x multiple (~1x PE/long-term growth), it is hard for us to talk ourselves out of our HOLD rating." TEVA closed at $41.41 per share on Thursday.