Analysts Raise Ratings on Teva Stock on Ajovy’s FDA Approval

Analysts raise recommendations on Teva stock

On September 14, Teva Pharmaceutical Industries (TEVA) announced the FDA approval of Ajovy (fremanezumab), its injectable migraine drug. Following the news, a number of analysts raised their recommendations and target prices on Teva Pharmaceutical Industries.

Analysts Raise Ratings on Teva Stock on Ajovy’s FDA Approval

Recommendation and target prices updates

After Teva’s (TEVA) September 14 announcement of Ajovy’s FDA approval, Credit Suisse raised its target price on Teva stock from $23.00 to $26.00. Following the news, Mizuho also raised its target price on the stock from $28.00 to $29.00. BTIG raised its recommendation on TEVA stock from “sell” to “neutral” today. The updated recommendations and target prices by these Wall Street analysts show increased confidence in the company’s performance over the next year.

Among Teva’s peers, Amgen (AMGN), Eli Lilly (LLY), and Novartis (NVS) have average broker target prices of $204.05, $97.93, and $98.50, respectively, which imply returns of 1.7%, -7.4%, and 15.6% over the next 12 months.

Consensus recommendations and target price

Of the 25 analysts covering Teva stock on September 17, 16 (~64.0%) analysts recommend a “hold,” four (~16.0%) recommend a “buy” or “strong buy,” and five analysts recommend a “sell.” Wall Street analysts have a consensus target price of $20.70 for Teva, which implies a 15.5% downside based on the stock’s closing price of $21.61 on September 14.

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