Teva Shares Get CRUSHED Again and Earn This Unwanted Distinction, Jim Cramer Says
The beating in Teva Pharmaceuticals (TEVA) - Get Report continues.
Teva Pharmaceutical Industries Ltd. stock plummeted almost 11% Friday following weak second quarter earnings reported Thursday, leaving analysts unsure if the company will be able to pay down its $35 billion-plus debt pile. Teva shares have crashed to the tune of 34% inside of five trading sessions.
Oppenheimer analyst Derek Archila downgraded Teva to "perform" from "outperform" as the company cut guidance and reduced its dividend.
Archila said there is no longer a "clear path" for the company to return to growth in a "timely manner."
"We do not view Teva as a growth story in the near-to-medium term and continued focus on cost cutting/divestments are required to ensure it meets its debt obligations," wrote Archila in a note Thursday.
As of June 30 Teva's debt pile stood at $35.1 billion, compared to $34.6 billion at the end of March.
TheStreet's founder and Action Alerts PLUS portfolio manager Jim Cramer noted on Thursday that Teva is the weakest player in its group.
More of What's Trending on TheStreet:
- Apple Has Triggered This Major Phenomenon That Is Preventing Many Malls From Dying
- Tesla CEO Elon Musk's Grand Model 3 Goals Could Be Ruined by These 5 Rival Cars
- Here's How Much Money Warren Buffett Has Made on Apple Stock in 2017 Alone
- Dunkin' Donuts May Drop the 'Donuts' From Its Name -- This Isn't a Joke