Teva (NYSE:TEVA): After meeting with Teva line managers, Bernstein thinks the company will be able to reduce its costs by close to the promised $1.75 billion. The firm believes the company’s respiratory drugs look solid, and it keeps a $47 price target and an Outperform rating on the shares.
Baxter (NYSE:BAX): Bernstein expects Baxter’s global rFVIII share to decline to 30 percent from 5o percent as a result of the increased threat from long acting rFVIII. However, the firm still expects the company’s hemophilia franchise to grow at a 1.3 percent compounded annual growth rate from 2013-17, and the company keeps a $78 price target and an Outperform rating on the shares.
Alcoa (NYSE:AA): Morgan Stanley downgraded Alcoa to Equal Weight from Overweight due to weak aluminum fundamentals and following a reduction in commodity forecasts. Price target lowered to $9 from $10.
Cree (NASDAQ:CREE): Needham expects Cree to report strong first quarter results and issue higher guidance when reporting on October 22. The firm upped its price target for the shares to $80 from $74, citing increased confidence in its above-consensus estimates and keeps a Buy rating on the stock.