In a research update Thursday, Bank Hapoalim reduced its 12-month price target for Teva Pharmaceuticals (Nasdaq:TEVA) (TEVA) - Get Report from $83 to $78.

The cut was based mainly on the dubious future of the oral version of Copaxone, the Israeli drugmaker's proprietary non-interferon treatment for relapsing-remitting multiple sclerosis.

Teva's decision not to buy the injectibles division of Australian company F.H. Faulding from Mayne Nickless (OTC:MAYNY) is "not bad news", analyst Rakefet Levison said in conversation with

Teva's management can be trusted to do the right thing, Levison added, despite market pressure to close the deal.

On the Faulding unit, Teva decided that the potential benefits did not outweigh acquisition costs of $365 million, and that the purchase would not benefit shareholders in the long run. Teva is looking for other M&A opportunities, she said.

On the company's third-quarter report, Levison said that earnings beat expectations but revenues were lower than expected, mainly due to slow sales in the week following the September 11 attacks on the U.S., and Teva's decision to stop marketing unprofitable drugs in Canada.

She foresees Europe providing the next step up in Copaxone sales, but the process will take several quarters. To date 89% of Teva's Copaxone sales are in the United States.

On anthrax medications, Levison does not believe the American regulators will bypass existing patents. But the Food & Drug Administration recently approved other antibiotics Teva makes as treatments for anthrax.