Teva Pharmaceutical’s Numbers Cut at Needham & Co. (TEVA)

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Israeli drug maker Teva Pharmaceutical Industries Ltd ( TEVA ) on Friday caught some tepid commentary from analysts at Needham & Company.

The firm maintained its "Hold" rating on TEVA but lowered its 2012 EPS estimate from $5.59 to $5.34, and its 2013 EPS estimate from $6.01 to $5.70.

A Needham analyst commented, "A quick two weeks post effectively withdrawing 2012 financial guidance, new Teva management emerged with updated near-term financial objectives that while differing only marginally from prior guidance in the aggregate, clearly set a floor under the 'how bad can it be' thinking that has hung over shares post 1Q12 results. Given current state of sentiment in the name with shares plunging the depths of oversold territory reached on only four occasions in the past decade, a reflex rally is overdue though key structural overhangs, longer-term opacity on evolution of growth initiatives and revamping of strategic priorities, we find little compelling reason to support a significant fundamental outperformance thesis."


Teva shares were unchanged in premarket trading Friday.

The Bottom Line
Shares of Teva Pharmaceuticals ( TEVA ) have a 2.77% dividend yield, based on last night's closing stock price of $38.69. The stock has technical support in the $35-$36 price area. If the shares can firm up, we see overhead resistance around the $42 price level.

Teva Pharmaceutical Industries Ltd ( TEVA )is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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