The wave of analysts downgrading Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) continues. Citi has downgraded its recommendation for Teva from "Buy" to "Neutral" and cut its target price from $32 to $19. The Israeli pharmaceutical company's share price closed 4.72% higher on Wall Street yesterday at $17.97. Citi wrote, "While we have historically preferred to take a constructive view on Teva, we acknowledge we have been wrong, and have reassessed our stance following recent 2Q17 earnings. In this note we lay out the steps that need to be taken to fix what appears to be a broken story. These include addressing the senior leadership void at the company, improvement in the credit situation, as well as stabilization of generic pricing trends. While these are addressable over time, the realization of value will likely be a multi-year process." Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2017 © Copyright of Globes Publisher Itonut (1983) Ltd. 2017
