UBS has adjusted its price target for Teva (TEVA) from $24 to $23 while reaffirming a Buy rating on the stock. Despite solid execution on its strategic goals, Teva's shares have declined by 20% this year. UBS suggests that the stock may have been disproportionately affected compared to other companies in the biopharma sector.
The company has made significant progress in addressing investor concerns, which include stabilizing its U.S. generics market, reviving growth of its Austedo treatment, effectively managing research and development efforts, and mitigating risks associated with the Revlimid cliff.
