From: "Ens, Amanda"
To: "Jeffrey E." <jeevacation@gmail.com>, "I
Subject: Add to TEVA preferred
Date: Mon, 03 Oct 2016 13:12:01 +0000
Attachments: TEVA_ reiterate_buy.pdf
Inline-Images: image001.png
Our analyst reiterated his Buy rating on TEVA and highlights recent weakness as a good opportunity ($72 price target;
stock is at $46). We should add to the TEVA mando convert preferred at $817, down 10% from where we bought $1mm at
$901.75 in August. You have received $17.50/pfd in coupons so far.
• Investor sentiment on TEVA is depressed on concerns about generic pricing erosion. Our analysis of IMS data
implies generic price erosion of 4.6% YID, in-line with the company's assumption of low-to-mid single digits.
• TEVA recently reaffirmed its forecast of generic pricing erosion at its Generic Medicines Overview on 9/9/16.
• Teva is well-positioned with an industry-leading generic pipeline following the Actavis unit acquisition from
Allergan.
• Current weakness presents a particularly good opportunity.
Amanda Ens
Director
Bank of America Merrill Lynch
Merrill Lynch, Pierce, Fenner & Smith Incorporated
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