Teva Pharmaceutical "buy," estimates reduced

06/07/05 - Deutsche Securities

NEW YORK, June 7 (newratings.com) - Analyst David Steinberg of Deutsche Bank Securities maintains his "buy" rating on Teva Pharmaceutical (TEVA), while reducing his estimates for the company. The target price is set to $36.

In a research note published yesterday, the analyst mentions that the company has reduced its Q2 EPS guidance by $0.04, with the EPS for the quarter now expected at the low-end of the prior guidance. This is Teva Pharmaceutical's first profit warning in the past seven years, the analyst says. The company is unlikely to launch the generic version of Biaxin XL in 2005, Deutsche Bank Securities adds.