Teva case for multiple expansion ‘remains solid,’ says Jefferies

Jefferies notes that better performance in Teva‘s core businesses has driven the “exceptional (and warranted)” 73% move up in shares year-to-date and while the firm continue to like the setup in the second half, it acknowledges that Teva will “need the pipeline to carry the baton for a bit.” Still, the firm thinks the case for multiple expansion “remains solid” and it keeps a Buy rating and $23 price target on Teva shares, identifying contributions from liraglutide, or generic Victoza, and biosimilar Humira as well as the complete Olanzapine LAI Phase 3 safety data as upcoming catalysts.