Teva Pharmaceutical International Inc. (NYSE: TEVA) reported fourth-quarter and full-year 2016 results before markets opened Monday. Only a few analysts weighed in initially, but the consensus is slowly growing more negative, despite the strong report. Across the board, analysts cut their price targets.

24/7 Wall St. has included some brief highlights from the earnings report as well as what a few analysts were saying after the fact.

Teva beat estimates on earnings and revenues for both the quarter and the fiscal year, and its outlook for 2017 is better than the consensus estimates. Investors rewarded the stock with a boost of 5.6% in Monday’s session.

As for the actual results, the company reported quarterly adjusted diluted earnings per share (EPS) of $1.38 and revenues of $6.5 billion. Thomson Reuters had consensus estimates that called for $1.35 in EPS and $6.25 billion in revenues. In the same period a year ago, Teva reported EPS of $1.28 on revenues of $4.88 billion.

In its outlook statement, Teva said it expects full-year revenues of $23.8 billion to $24.5 billion for the 2017 fiscal year and non-GAAP EPS in the range of $4.90 to $5.30. Analysts had forecast 2017 revenues at $23.69 billion and adjusted EPS of $4.83.

BTIG maintained a Neutral rating with a $34 price target. The firm went on to comment in its report:

We maintain our Neutral rating on TEVA shares. While the shares were up ~6% today on better than expected 4Q16 top line revenues of ~$6.5B reported, and the Co. reaffirming its full year revenue guidance of $23.8 -$24.5B and EPS of $4.90 – $5.30, we believe downside risks remain with Copaxone. Management updated its downside case scenario, indicating that revenues could drop by $1 – $1.3B with the EPS impact being $0.75 – $0.95, assuming 1-2 generic competitors enter this month.

A few other analysts weighed in as well:

• Susquehanna has a Positive rating but cut its price target to $41 from $50.
• Jefferies has a Hold rating and lowered its price target to $33 from $36.
• Deutsche Bank has a Buy rating and cut its price target to $45 from $48.
• JPMorgan cut its price target to $37 from $40.
• RBC reiterated an Outperform rating with a $42 price target.

Shares of Teva were last seen up 2.3% at $34.80 on Tuesday, with a consensus analyst price target of $42.09 and a 52-week trading range of $31.90 to $59.35.

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