Piper Sandler last night upgraded Teva Pharmaceutical to Neutral from Underweight with a price target of $12, up from $8. Senior leadership’s “greater lean” into brand assets likely translates into less in the way of downside risk in 2024, particularly as Teva gradually chips away at its overall debt burden, the analyst tells investors in a research note. The firm finds it difficult to envision further multiple compression in the shares. However, Piper still sees a lack of visibility into the extent to which Teva’s new brand assets can drive actual EBITDA growth.
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