02:05 PM EDT, 05/08/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target by $4 to $18, based on a 6.7x multiple of our 2025 EPS forecast, a premium to TEVA's five-year historical forward average of 3.7x as we expect the Pivot to Growth strategy to help TEVA return to a period of top-line growth (vs. a declining sales trend historically), though near TEVA's 10-year historical forward average of 6.4x. We narrow our EPS estimate in 2024 by $0.07 to $2.36 and widen 2025's by $0.09 to $2.67. TEVA posted Q1 EPS of $0.48 vs. $0.40, missing the S&P Capital IQ consensus estimate by $0.03 despite a revenue beat (+2% above consensus) due to higher-than-expected costs in the quarter. Despite the miss, TEVA's shares are up ~15% today due to promising news delivered on the call on its olanzapine long acting injection (treatment for schizophrenia), which had a positive primary endpoint Phase 3 read out and no episodes of the side effect PDSS (post-injection delirium/sedation syndrome). The company will see the final set of safety data on these injections in 2H 2024.