JPMorgan analyst Christopher Schott downgraded Teva Pharmaceutical Industries to Underweight from Neutral with a price target of $10, down from $11. The analyst sees “continued growth challenges” for Teva. The company has made significant progress in addressing its debt and cost structure over the past several years, but its Q3 results again showed that it continues to struggle with a lack of growth in the portfolio. Looking into 2023, Schott struggles with Teva’s growth outlook, icing ongoing erosion across parts of the portfolio. The company’s North America generics business is “consistently underperforming” and there is limited visibility on the biosimilar Humira opportunity, writes the analyst.