Wells Fargo analyst David Maris lowered his price target for Teva to $8 from $17 as he lowered his earnings outlook for 2020 and beyond. The analyst is now including approximately $3 of liability in his valuation that he did not include before. Maris understands how some investors would be buying Teva shares with the idea that the outcome of the opioid and price fixing situations will be more manageable than feared, however he has no particular insight into a potential settlement and continues to have questions as to the timing of the earnings and margin trough. The analyst reiterates a Market Perform rating on the shares.