Argus upgrades Teva to buy, cites recent drug approvals

Argus has upgraded Teva (NYSE:TEVA) to buy, citing valuation and the approval of several new products.

“After several years of challenges, Teva appears to have steadied its ship, launching a range of new drugs and achieving margin growth across all of its three primary business areas,” Argus said in a note.

The investment bank pointed to FDA approvals of extended release formulations of Teva’s drugs for tardive dyskinesia and Huntington’s disease chorea, along with generic versions of Humira, Stelara and Victoza.

Argus added that it viewed the stock as attractively priced at current levels of below $16 per share and set its price target at $20.