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Why This Analyst Just Downgraded Teva

Ronnie Moas of Standpoint Research downgraded Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) from Buy to Hold Wednesday.

Moas noted that Teva was one of 10 names he “added/reinstated when the market collapsed on October 14/15 and broke below 1900 -- there was a 24-hour sale and I went shopping.”

“As the market crossed 2000 and went from fairly valued to overvalued,” Moas sold into the rally.

Moas said the he “dropped seven of those ten names and locked in significant gains on all seven.”

With Teva up approximately 4 percent Wednesday, it was “fairly valued at (more than) 13X estimates for next year,” according to Moas.

Moas price target remained $78 “but given the recent absolute (35 percent) and relative (2500 bps vs the S&P) move since mid-October,” he could no longer apply a Buy rating following the all-time high.

“I want to move to the sidelines on this and would think to reinstate - for a fourth time since 2004 – on a correction back towards $60,” Moas concluded.

Teva Pharmaceutical closed at $66.52, up 3.53.

Latest Ratings for TEVA

Apr 2015

Barclays

Maintains

Overweight

Apr 2015

Standpoint Research

Downgrades

Buy

Hold

Apr 2015

Leerink Swann

Maintains

Outperform

View More Analyst Ratings for TEVA
View the Latest Analyst Ratings

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© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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