Why Teva Stock Trounced the Market on Friday
The stock of Teva Pharmaceutical Industries (NYSE: TEVA) closed out the trading week in style, popping by almost 6% on Friday. The generic-drug specialist was the subject of a recommendation upgrade from a noted financial institution, hence the share price rise.
The institution in question is Bank of America. Analyst Jason Gerberry from the bank's securities unit raised his recommendation on Teva from neutral to buy. Along the way, he also increased his price target on the stock, to $13 per share from the previous $10. This new level implies nearly 22% upside from the latest closing price.
Gerberry's move is part of a broader reorganization of healthcare sector ratings. It also comes from last month's announcement that Teva had reached a tentative $4.25 billion settlement with a host of parties over its alleged role in the U.S. opioid crisis.
Source Fool.com
