As Teva Pharmaceutical Industries Ltd. (TEVA)’s shares peaked last year, Ken Cacciatore was telling clients to buy. Seventeen months and a 41 percent stock drop later, he has yet to deviate from that call. The Cowen & Co. analyst has plenty of company. Teva at its peak was the highest-rated stock among the world’s 20 biggest drugmakers, and still is today, according to Bloomberg data. Not one of the 32 analysts recommended selling at the March 2010 peak, and none does today either. They missed the plunge in part because they fell in love with the stock’s past gains, said Erik Gordon of the University of Michigan business school.
