Teva upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst David Amsellem upgraded Teva Pharmaceutical to Overweight from Neutral with a price target of $19, up from $12. The firm has not had a Buy recommendation on the shares since 2011, owing to the erosion of Copaxone and Teva leaning in heavily on U.S. generics. However, the analyst now believes the shares are well positioned for further multiple expansion. Teva’s brand neuroscience business, led by the Austedo franchise, in and of itself can drive longer-term EBITDA stability and its U.S. generics/biosimilars business is better positioned for “muted pressure,” the analyst tells investors in a research note.