TEVA PHARMACEUTICAL STOCKS RISE ON RATING UPGRADE
Teva Pharmaceutical Industries stock is currently trading at 8.94-higher by 3.41% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 3.82%. The stock has pared some of its earlier gains after the opening bell.
Oppenheimer upgraded the company’s stock to outperform from perform. Oppenheimer, however, lowered its price target to $12 from $17. Oppenheimer believes that the drugmaker’s share could be a buying opportunity given that business fundamentals continue to improve.
According to Oppenheimer, the company’s opioid exposure could be between $500 million and $700 million, and its price-fixing exposure could be significantly higher. Stocks of Teva Pharmaceutical have fallen more than 40% so far in 2019.
On the technical front, the RSI is currently at 20.78% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 8.90 TAKE PROFIT AT 9.20 STOP LOSS AT 8.75