Ronnie Moas of Standpoint Research downgraded Teva Pharmaceutical Industries Ltd (ADR) TEVA Buy to Hold Wednesday.
Moas noted that Teva was one of ten names he “added/reinstated when the market collapsed on October 14/15 and broke below 1900 -- there was a 24-hour sale and I went shopping.”
“As the market crossed 2000 and went from fairly valued to overvalued,” Moas sold into the rally.
Moas said the he “dropped seven of those ten names and locked in significant gains on all seven.”
With Teva up approximately 4 percent Wednesday, it was “fairly valued at (more than) 13X estimates for next year,” according to Moas.
Moas price target remained $78 “but given the recent absolute (35 percent) and relative (2500 bps vs the S&P) move since mid-October,” Moas could no longer apply a Buy rating following the all-time high.
“I want to move to the sidelines on this and would think to reinstate - for a fourth time since 2004 – on a correction back towards $60,” Moas concluded.
Teva Pharmaceutical Industries Ltd (ADR) recently trade at $66.21, up 3.05.
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