Teva downgraded to Equal Weight on lack of growth visibility at Morgan Stanley

As previously reported, Morgan Stanley analyst David Risinger downgraded Teva to Equal Weight from Overweight, citing his belief that the stock’s premium valuation largely prices in expectations for upside in the coming quarters due to cost cutting and conservative Copaxone guidance. However, given the aggressive cost cutting and a lack of pipeline visibility beyond 2019, Risinger thinks long-term revenue growth is unclear and he sees better relative value elsewhere in the space, he tells investors. Risinger made no changes to his estimates for Teva but lowered his multiple, driving a decrease in his price target to $17 from $22. 
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