Wells Fargo upgrades Teva’s rating
On June 18, Wells Fargo raised its rating on Teva stock to “market perform.” Analyst David Maris showed confidence in Teva’s new CEO Kåre Schultz, saying that he was “forthright and sharp when discussing the issues and answering our question.”
Leerink increases its target price on TEVA stock
On June 11, Leerink raised its 12-month target price on Teva from $13 to $16 while maintaining its “underperform” rating on the stock. Leerink analyst Ami Fadia revised the target prices to better reflect the improving dynamics of the company. Teva stock has risen ~14% over the last one month and registered YTD (year-to-date) stock price returns of ~28%. However, the analyst still believes that the company is overvalued currently, and it would require a more sustainable performance from Teva’s Copaxone and ProAir and higher growth driven by the company’s major drivers Austedo, Fremanezumab, and US generics for such valuations to be justified.
On May 31, Citigroup also raised its target price on Teva stock from $24 to $25. Further, on May 24, Barclays had increased its 12-month target price on Teva from $13 to $20 while maintaining its “equal weight” rating on the stock.
Wall Street consensus recommendations on Teva
As of June 19, as per a Reuters survey of 29 brokerages covering Teva stock, 16 of them have a “hold” recommendation on Teva stock. Six analysts recommend Teva as a “buy” or “strong buy.” The remaining seven analysts have a “sell” rating on Teva.
As of June 19, analysts’ consensus 12-month target price for Teva is $19.6, which implies a 12-month investment return potential of -18% based on Teva stock’s closing price of $24.2 on June 18.
Teva’s peers Novartis (NVS), Eli Lilly (LLY), and Amgen (AMGN) have average broker target prices of $88.2, $91.4, and $195.3, respectively. These figures imply returns of 19.7%, 5.6%, and 5.5%, respectively, over the next 12 months.
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