UBS analyst Ashwani Verma upgraded Teva Pharmaceuticals to Neutral from Sell with a price target of $8, up from $7. The firm says its prior Sell-thesis on disappointment from generic Humira and the management transition has played out. From here, Teva’s gross margin should recover in the near term, some of which is priced in already after stock’s apparent bottoming out earlier in June, the analyst tells investors in a research note. UBS sees a period of balanced risk/reward for the stock with limited sales growth.
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