J.P. Morgan and Leumi Raise Teva Price Target to $50
Translated & summarized from TheMarker by baba
Leumi Capital Markets and J.P. Morgan Chase have raised their price targets for Teva Pharmaceutical Industries stock to $50, reflecting a potential 22% increase from its recent closing price. The upgrades come after the company received FDA approval for its schizophrenia drug Weltruza. Teva is also refocusing its business strategy on expanding its originator drugs segment.
The story in 5 lines · by baba
- Leumi Capital Markets and J.P. Morgan Chase raised Teva's stock price target to $50.
- The new $50 target offers a 22% upside from Teva's recent $41.1 closing price.
- Teva received FDA approval for its schizophrenia drug Weltruza.
- The company is shifting its strategy to focus on expanding originator drugs.
- Teva's stock had fallen to $7 in 2023.
Investment house Leumi Capital Markets has maintained its buy recommendation for Teva Pharmaceutical Industries stock, raising its price target to $50. This new target represents a potential upside of approximately 22% from the stock's closing price of $41.1 on Wall Street last Friday. J.P. Morgan Chase also recently increased its price target for Teva to $50, while Oppenheimer raised its target to $52.
These target price increases follow Teva's announcement that it received U.S. Food and Drug Administration (FDA) approval for its schizophrenia drug Weltruza. After its stock price plummeted to $7 in 2023, the company is actively pursuing a strategic shift, focusing on expanding its originator drugs business.
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