Shares of Teva Pharmaceutical Industries Ltd. hiked up 5.0% toward a six-week high in afternoon trading Friday, putting them on track for a ninth-straight gain, after Bernstein analyst Aaron Gal turned bullish on the “long suffering” generic drug maker. The stock, which has suffered yearly declines the past six years, has run up 16.6% over the past nine sessions, and is headed for the longest win streak since the 10-day stretch that ended Jan. 15, 2019. Bernstein’s Gal said even after Teva has paid down more than $9 billion in debt and stabilized its free cash flow, it still trades at close to historically low valuations. “Teva is now trading at a valuation that makes material further decline unlikely short of insolvency risk,” Gal wrote in a note to clients. “While we remain uncertain of the company’s outlook in the longer term, there seems to be enough here to argue for positive risk-reward expectations.” The stock has rallied 7.1% year to date, while the S&P 500 has lost 4.9%.
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