BofA more confident in Teva Pharma after management meetings By Investing.com

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<span>© Reuters. BofA more confident in Teva Pharma (TEVA) after management meetings</span><br />
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<p>Investor sentiment on Teva Pharma’s (NYSE:) story continues to improve, according to analysts at BofA, who reiterated a Buy rating and $13 per share price target on the stock on Monday. </p>
<p>The analysts explained to investors in a note that the firm hosted investor meetings with TEVA management, CEO Richard Francis, and CMO Eric Hughes last week.</p>
<p>“Overall, we felt investor sentiment on TEVA’s story continues to improve with a focus on continued execution and ‘24E validation of the ‘Pivot to Growth’ strategy (where EBITDA growth will be key),” the analysts wrote. </p>
<p>“We came away from the meetings more confident in TEVA’s ability to grow 2024+ EBITDA (BofA: $4.75bn or +5% vs. cons $4.63bn) on the strength of CNS brands, better margins (mix) and the trajectory of global generics.” </p>
<p>Furthermore, BofA feels continued execution and resolution of small/manageable risk factors should expand TEVA’s investor appeal. </p>
<p>TEVA shares are up more than 1% at $8.80 per share at the time of writing on Monday. The stock is down around 4% in 2023.</p>
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