Credit Suisse cuts Teva target price to just $13

Teva Photo: Reuters
Teva Photo: Reuters

Teva's share price yesterday plunged to a new low of less than $16.50.

There is no relief for Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA); the company's share price yesterday plunged to a new low of less than $16.50. Credit Suisse is lowering its recommendation for the share to "Market underweight," with a target price of $13, compared with the previous target price of $25.

Credit Suisse writes that the reasons for the downgrade in its recommendation and its target price are the company's lowered forecasts for 2017, continued regulatory pressure on pharma companies in the US, and the lack of any indication that a permanent CEO will be appointed.

Factors mentioned by Credit Suisse with the potential of supporting the share include the appointment of a permanent CEO of stature and the obtaining of good prices for the assets now being sold by Teva, such as the women's health division and the respiratory products division.

Published by Globes [online], Israel Business News - www.globes-online.com - on August 24, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Teva Photo: Reuters
Teva Photo: Reuters
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