Deutsche Bank Repeats Buy Rating for Teva

Deutsche Bank yesterday issued a Buy rating for Teva Pharmaceuticals. Subsequent to Teva's "rare profit warning," analysts David Steinberg, Rhett Brown and Edward Chung took the Israeli drug company's advice and lowered their earnings per share forecasts for the company by four cents, aftre the U.S. court ruling stopping Teva's launch of its generic version of Abbott's Biaxin.

They confess to being surprised that "a potential launch at risk was `baked into' Teva's guidance" whereas it should have been left outside, as a potential upside. But the court ruling showcases the challenging nature of the current environment, they wrote, and Teva is also hurting from a relative paucity of new launches this year.