Piper Sandler raised the firm’s price target on Teva (TEVA) to $40 from $30 and keeps an Overweight rating on the shares. The firm is also making an argument for further multiple expansion. Teva’s peer group is evolving as the mix continues to shift towards novel brand assets. In other words, the larger cap biopharma group is becoming a more appropriate peer group for Teva, Piper argues. As the firm layers in contribution from TL1A-directed treatment duvakitug in inflammatory bowel disease, and considers that Teva is not staring down significant loss of exclusivity exposure, it believes an even richer multiple is in order.
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