Teva Pharmaceutical is hard to like as it continues to be weighed down by underperformance in some business areas, JPMorgan said. Analyst Chris Schott downgraded the stock to underweight from neutral and lowered his price target to $10 from $11, as he remains unconvinced of a long-term growth story when stacked against other pharmaceutical names. The new price target implies upside of just 5.5% from Friday's close. "TEVA has made significant progress in addressing its debt and cost structure over the past several years but we continue to struggle with the relative lack of growth in the portfolio over time," he said in a note to clients. Schott said the latest example of that uncertainty can be found in the company's third-quarter results, which showed Teva severely missed on topline expectations, driven by a weakness in the company's generic offerings. He said it's difficult to see growth in places such as its generics that have been "consistently underperforming" while having "limited visibility" on how it will perform when biosimilar drugs can enter the Humira market next year. The company has been able to offset revenue pressures by reducing operating expenditures, but he said it likely needs to invest more in itself to make it financially healthy in the longer term. Schott noted the company has been able to continue paying down debt as a positive, but said it would need to continue allocating cash pay toward this. He said this and the CEO transition would create less opportunity for the company to move offensively compared with peers such as Organon and Viatris . The stock's performance could be impacted by improvements in generics, a favorable opioid settlement or if the company is able to stave off competition on its migraine medication Ajovy. Teva shed 2.3% in the premarket and is up 18.4% compared with the start of the year. — CNBC's Michael Bloom contributed to this report.