Bank Hapoalim analyst David Levinson and Leader Capital Markets analyst Sabina Podval are the first Israeli analysts to respond to Teva Pharmaceutical Industries' (Nasdaq: TEVA; TASE: TEVA) publication of its financial report for the third quarter this morning.
Podval said, "Teva published a relatively weak financial report… Teva continues to show weak results for its US generic business, which is greatly weighing on the company's revenue and profits. Although Europe supported the results, total third quarter revenue was less than in the preceding quarter."
Podval reiterated her "Outperform" recommendation for Teva with a target price of $49. She says, "Now is the best time to substantially increase a position in the paper."
Levinson said, "Teva's relative weakness was due to a lack of new investment in generics in the US. The fourth quarter of 2011 should be much better thanks to exclusive generic launches, beginning with Zyprexa, which has $3.2 billion in annual brand sales."
Levinson reiterated his "Outperform" recommendation for Teva with a target price of $60.
Teva's share price fell 4.3% on Nasdaq yesterday to $39.08, giving a market cap of $34.8 billion, and fell 3% by early afternoon on the TASE today to NIS 141.0.
Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2011
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