Teva upgraded to Neutral from Underweight at Piper Jaffray

Piper Jaffray analyst David Amsellem upgraded Teva Pharmaceutical to Neutral and raised his price target for the shares to $16 from $15. The analyst says that while the “reality of the erosion” of Copaxone is not lost on him, he no longer perceives downside risk that is “significantly greater than that of other major U.S. generics companies.” He sees a more balanced risk/reward on the shares after removing the risk of further “dramatic erosion” of EBITDA going forward. UBS this morning also upgraded Teva.
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