Teva price target raised to $45 from $36 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Teva (TEVA) to $45 from $36 and keeps a Buy rating on the shares. Shares have surged over the past year as key overhangs lifted and execution across an expanding branded portfolio strengthened the long-term earnings outlook, though valuation is now a greater focus as the stock trades above historical multiples, the analyst tells investors in a research note. Even so, the current valuation appears justified and attractive given a fundamentally improved business profile and a de-risked path to above-consensus, double-digit EPS growth driven by revenue growth, margin expansion, and deleveraging, Goldman argues.