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VRX

Valeant

07:03
06/08/16
06/08
07:03
06/08/16
07:03

Saying 'things can always get worse,' Wells cuts Valeant price target

Wells Fargo analyst David Maris lowered his estimates for Valeant Pharmaceuticals following the company's Q1 results and cut his price target range for the shares to $17-$22 from $25-$30. The embattled drugmaker closed yesterday down 14% to $24.67 after cutting its outlook for 2016. "Sometimes something is so complex and so persistently negative that people become fatigued by it," leading to stock buying on the belief that things can't get worse, Maris tells investors in a post-earnings research note. "Things can always get worse," he reminds investors. Maris believes this is the case for Valeant. "There was really nothing in the quarter that was a bright spot," he argues. Further, the analyst believes Valeant may face "significant challenges" to meet its debt obligations in 2020. He keeps an Underperform rating on the shares.

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VRX Valeant

05/27/16
PIPR
05/27/16
NO CHANGE
PIPR
Underweight
Valeant takeover rejection report 'difficult to fathom,' says Piper Jaffray
Piper Jaffray analyst David Amsellem noted the report claiming that Valeant (VRX) previously rejected a takeover offer from Takeda (TKPYY) and TPG prior to appointing Joe Papa as CEO, but said he finds it "difficult to fathom" why a buyer would have interest in the entire asset portfolio, since he believes the value of its segments to be "meaningfully" below the company's $31B in total debt outstanding. Amsellem, who thinks there would be significant strategic interest in Valeant's gastroenterology assets, believes that any strategic activity will come in the form of asset sales or a breakup of the company. The firm keeps an Underweight rating on Valeant shares.
06/03/16
ADAM
06/03/16
NO CHANGE
Target $40
ADAM
Hold
Valeant challenges remain and work to be done, says Canaccord
Canaccord analyst Neil Maruoka previewed Q1 results for Valeant (VRX) scheduled for June 7th. The analyst expects many of the issues from last year to spill into the first quarter including lost sales from Philidor, potential challenges with the implementation of the Walgreens (WBA) distribution agreement, and pricing headwinds. Maruoka remains cautious ahead of likely Q1 results and the potential for lowered guidance and so maintains his Hold rating and $40 price target on Valeant shares.
06/07/16
WELS
06/07/16
NO CHANGE
WELS
Underperform
Valeant performing 'significantly worse than expected,' says Wells Fargo
Wells Fargo analyst David Maris says his preliminary look at Valeant's Q1 results indicate the company is performing "significantly worse than expected." Despite the SEC's correspondence with Valeant over the past several months over not prominently focusing on adjusted non-GAAP measures, Valeant only provided non-GAAP earnings guidance, Maris tells investors in a post-earnings research note. "We are uncertain as to why Valeant continues not to provide GAAP earnings forecasts for investors," Maris writes. He believes the company will be challenged to make its debt payments through 2020 if the business stays the way it is. The Walgreens (WBA) program "seems uninspiring," Maris adds. The analyst keeps an Underperform rating on Valeant with a $25-$30 price target range. The stock is down 16%, or $4.58, to $24.26 in pre-market trading with the company's earnings conference call ongoing.
06/08/16
JPMS
06/08/16
NO CHANGE
Target $50
JPMS
Overweight
Valeant price target lowered to $50 from $60 at JPMorgan
JPMorgan analyst Chris Schott lowered his price target for Valeant Pharmaceuticals to $50 from $60 following the drugmaker's Q1 results. The stock closed yesterday down 14%, or $4.18, to $24.67. After meeting with management following yesterday's results, Schott views Valeant's reduced guidance as achievable and is encouraged by the steps new CEO Joe Papa is taking to stabilize the business. He expects, however, a "long road to recovery" as the company works to reestablish credibility. Schott keeps an Overweight rating on Valeant.

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