Teva falls after Jefferies downgrade

Alvotech SA

19/01/2023 13:27

** U.S.-listed shares  TEVA.N  of Israel-based generic
drugmaker Teva Pharmaceutical Industries Ltd fall 2.2% to $10.6
premarket
    ** Brokerage Jefferies downgrades TEVA to 'hold' from 'buy';
increases PT to $12 from $10 
    ** Citing interactions with a key opinion leader, brokerage
notes execution risks with TEVA's pipeline as partner Alvotech
SA  ALVO.O  is not as "well-established as others in the field"
and the potential timeline risk with Humira biosimilar may
affect its adoption
    ** With a limited development trackrecord, TEVA's positive
fundamentals seem to balance against pipeline risk - brokerage
    ** Brokerage sees revenue growth forecast, opioid settlement
and biosimilar opportunities as positives for TEVA
    ** 2 of 16 brokerages rate the stock "buy" or higher, 10
"hold" and 4 "sell"; their median PT is $10 - Refinitiv
    ** Stock has risen 22% in last 12 months
 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))