US investment bank J.P. Morgan has upgraded Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) from "Underweight" to "Neutral" In trading on Wall Street, Teva's share is up 2.5% at $9.56, giving a market cap of $10.465 billion. The share price is down 60% over the past year but has risen 30% in the past three months and is currently at a four month high.
J.P. Morgan analyst Chris Schott is not bullish on Teva's long-term prospects. He wrote, "We remain fairly bearish on the longer-term setup for the company between its lack of growth-drivers and still high-leverage. However, Teva’s near-to-mid-term fundamentals are stabilizing."
But he was sanguine about a resolution to the opioids litigation against the Israeli pharmaceutical company. "While there may still be a long way to go before we see TEVA’s opioid-saga come to a close, initial settlement term suggest little further-downside to shares on a DCF-basis," he wrote.
Nevertheless, Schott has left Teva's target price at $8, a 16.4% downside on the current price.
Published by Globes, Israel business news - en.globes.co.il - on November 12, 2019
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