Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA) was downgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report released on Monday, TheFlyOnTheWall.com reports. They currently have a $38.00 price objective on the stock, down from their previous price objective of $43.00. JPMorgan Chase & Co.’s price objective would indicate a potential upside of 2.37% from the stock’s previous close.
The analysts wrote, “We are downgrading TEVA shares to Underweight from Neutral following the departure of CEO Jeremy Levin and the myriad of uncertainties facing the company. Teva is in a very challenging position, seeking to largely rebuild its pipeline and transition its business model at the same time its largest franchise (Copaxone) faces significant headwinds. With the unexpected departure of the company’s CEO following a disagreement with Teva’s board, we see added turmoil that has the potential to further delay Teva’s business recovery. Even at current depressed levels (7.5x 2014E EPS), we see far more compelling opportunities elsewhere in the space, and along these lines, recommend investors reduce positions in Teva shares.”
Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA) traded down 0.85% on Monday, hitting $36.8031. 2,097,402 shares of the company’s stock traded hands. Teva Pharmaceutical Industries Ltd has a 52-week low of $36.63 and a 52-week high of $42.83. The stock’s 50-day moving average is $38.94 and its 200-day moving average is $39.03. The company has a market cap of $31.099 billion and a price-to-earnings ratio of 26.34.
Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA) last issued its quarterly earnings data on Thursday, October 31st. The company reported $1.27 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.26 by $0.01. The company had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $5.00 billion. During the same quarter in the prior year, the company posted $1.28 earnings per share. The company’s quarterly revenue was up 1.7% on a year-over-year basis. On average, analysts predict that Teva Pharmaceutical Industries Ltd will post $5.00 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, December 2nd. Stockholders of record on Wednesday, November 20th will be paid a dividend of $0.33 per share. This represents a $1.30 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Monday, November 18th.
Other equities research analysts have also recently issued reports about the stock. Analysts at BMO Capital Markets reiterated an “outperform” rating on shares of Teva Pharmaceutical Industries Ltd in a research note to investors on Thursday. They now have a $44.00 price target on the stock, down previously from $49.00. Separately, analysts at Sanford C. Bernstein cut their price target on shares of Teva Pharmaceutical Industries Ltd from $47.00 to $43.00 in a research note to investors on Wednesday, October 30th. They now have an “outperform” rating on the stock. Finally, analysts at Goldman Sachs Group Inc. reiterated a “sell” rating on shares of Teva Pharmaceutical Industries Ltd in a research note to investors on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company’s stock. Teva Pharmaceutical Industries Ltd presently has an average rating of “Hold” and an average target price of $44.73.
Teva Pharmaceutical Industries Ltd (NASDAQ:TEVA) is a global pharmaceutical and drug company.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.