Teva Just Got One of the Latest Stock Downgrades by an Investment Bank Maybe Ever – TheStreet.com

Talk about being way late on a call. 

Teva Pharmaceutical Industries Ltd (TEVA) stock dropped over 8% to $18.89 per share midday Monday after Morgan Stanley analyst David Risinger cut the company to “underweight” from “equal weight.”

Risinger said Teva has a long road to recovery as it manages a combination of headwinds in its generic drugs business, potential for brand name drug erosion and high leverage. The company’s “disappointing generic business performance” will take a while to improve given the industry’s “intensifying secular challenges” and Teva’s own hurdles in executing products from its pipeline.

Risinger slashed his price target by more than half to $16 from $36. The new target implies a 22% downside for the Israeli drug maker.

Morgan Stanley reduced its guidance for Teva, knocking 2017 earnings to $4.43 per share from $4.93.

Teva stock is down 48% since the start of the year after a nasty guidance reduction and dividend cut last week.

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