Teva upgraded to Buy from Hold at Jefferies

Jefferies analyst Glen Santangelo upgraded Teva Pharmaceutical to Buy from Hold with a price target of $14, up from $10. The analyst is bullish heading into the company’s 2024 guidance, saying consensus revenue estimates look conservative “despite several tailwinds at play.” The firm believes Teva will execute on its growth strategy and transitions to innovation focused company. It expect to sees multiple expansion this year assuming a strong guidance, continued strength in fundamentals, biosimilar approvals and positive pipeline updates in the second half of the year.