Teva price target lowered to $23 from $26 at BofA

BofA analyst Jason Gerberry lowered the firm’s price target on Teva (TEVA) to $23 from $26 and keeps a Buy rating on the shares. For FY25, the firm now models more modest margin expansion based on the company’s gross margin outlook, which may prove conservative given some favorable topline mix shifts. BofA believes that Teva can grow EBITDA, and that it still sees fundamentals of long-duration brands as unchanged. The firm reiterated its Buy rating on undemanding valuation multiple and pipeline-driven revenue upside.