Jefferies raised the firm’s price target on Teva to $23 from $19 and keeps a Buy rating on the shares. Despite strong performance year-to-date, Jefferies sees further upside from here given Teva’s current valuation does not reflect strength of key products, biosimilar approvals and progress on the innovative pipeline, the analyst tells investors in a research note. The firm thinks further multiple expansion is warranted as the market begins to ascribe value to pipeline programs with second half readouts as well as the 2024/2025 biosimilar launches.
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