Leerink analyst Jason Gerberry says Teva's stock has underperformed the NYSE Arca Pharma Index by 9% driven by investor concerns around U.S. generic pricing headwinds and the acquisition of Actavis. However, the analyst believes that the U.S. pricing and competitive headwinds are already annualized, and that the Actavis deal should solidify Teva's generics business for the next 5 years, expecting it to deliver on its financial targets. Gerberry also sees the company's branded pipeline as underappreciated. The analyst reiterates an Outperform rating and $65 price target on the shares.