Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) presented a middling quarter. Attention is now directed at Laquinimod, Biogen Idec's (Nasdaq: BIIB) clinical trial, and closing the Cephalon (Nasdaq: CEPH) deal," says Meitav Investment House Ltd. in response to Teva's financial report for the second quarter, published yesterday.
Meitav analyst Gilad Alper reiterated his "Market perform" recommendation for Teva with a target price of $50, 7% above yesterday's opening price on Nasdaq.
Alper says, "Teva's challenge is to continue generating organic growth… The slowdown in the US market and the slow growth in Europe have forced Teva to acquire a large company every year in order to maintain its growth."
Teva's share price fell 2.2% on Nasdaq yesterday to $45.75, giving a market cap of $43 billion, and fell 2.6% by early afternoon on the TASE today to NIS 156.50.
Published by Globes [online], Israel business news - www.globes-online.com - on July 28, 2011
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