Brief

Teva Up on NYSE Following Morgan Stanley Stock Recommendation Upgrade

Morgan Stanley increased its price target for the generic drugmaker from $20 to $27

Teva Pharmaceutical Industries Ltd. is up as much as 1.81% on NYSE in pre-market trading following an upgrade from Morgan Stanley. The financial firm and bank upgraded Teva from "equal-weight" to "overweight" and upped its price target from $20 to $27. Teva was $22.57 on Friday market close.

 

The drugmaker published its third quarter results for 2018 on Thursday, reporting a decrease in revenue both year-over-year and compared to the second quarter of 2018. The company raised its non-GAAP earnings per share guidance for 2018 from $2.55-$2.80 to $2.80-$2.95 and its annual free cash flow guidance from $3.2-$3.4 billion to $3.6-$3.8 billion.

 

 

Teva's headquarters, Israel. Photo: Bloomberg