Citigroup (NYSE: C) upgraded an Israeli pharmaceutical-company, Teva (NASDAQ:TEVA), after its successful acquisition of Ratiopharm, predicting that the company will see earnings per share of $5.22 in 2011 and earnings per share of $6.56 in 2013.
Citigroup analyst John Boris was bullish about the Teva’s recent acquisition of Ratiopharm, saying that it was a logical acquisition that made financial and strategic sense for the generic pharmaceutical firm.
“We love this acquisition” said Boris. “It will add 2.3 billion dollars to the company’s revenues – very close to its basic target of achieving a total growth of 5 billion until 2015.”
Citigroup predicts Teva will see 2011 earnings per share of $5.22, up from $4.93 from their previous forecast.
Boris said that the price that Teva paid for Ratiopharm was “very attractive” and that the acquisition will turn Teva into a leading pharmaceutical seller in Europe.
