Teva price target lowered to $23 from $24 at UBS

UBS lowered the firm’s price target on Teva (TEVA) to $23 from $24 and keeps a Buy rating on the shares. Despite steady execution progress on its mid- and long-term outlook, shares are down 20% year-to-date, and UBS thinks the stock has been penalized more unfairly than most of the rest of biopharma. Teva management has addressed multiple investor concerns by stabilizing U.S. generics, rekindling Austedo growth from a sleeper, proved R&D execution, and solving the Revlimid cliff, the analyst tells investors in a research note.