Piper Jaffray Cautious On Teva Pharmaceutical Industries Ltd (ADR) (TEVA) Following Guidance Revision
Following Teva’s guidance revision, Piper Jaffray analyst David Amsellem maintained a Neutral rating on Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) and lowered his price target from $58 to $53.
Teva lowered its 2Q EPS estimates from the range of $1.16-$1.20 down to the range of $1.19-$1.22. The company also lowered 2Q revenue estimate down to $4.9B-$5.0B from the range of $4.8B-$4.9B. The analyst comments, “Notably, management stated that it did not see further pricing pressure on the overall generics business. Though that may ease recent worries regarding the near-term trajectory of the business, we continue to believe that the longer-term outlook for the generics business as well as the brand business (namely Copaxone) is murky, and further believe that TEVA’s long-term (LT) guidance targets set a particularly high bar.”
According to TipRanks, 13 analysts covering Teva are bullish and 4 are neutral. The average 12-month price target between these 17 analysts is $68.91, marking a 26% potential upside from current levels.