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VRX

Valeant

$17.83

-0.52 (-2.83%)

08:51
11/23/16
11/23
08:51
11/23/16
08:51

Valeant downgraded to Underperform from Neutral at Mizuho

Mizuho analyst Irina Koffler downgraded Valeant Pharmaceuticals to Underperform, her firm's sell rating equivalent, and cut her price target for the shares to $11 from $25. The drugmaker closed yesterday at $17.83. Koffler believes growth challenges, 2017 guidance risk, legal overhangs and weaker asset divestitures create an unfavorable risk/reward profile. She expects the shares to trend lower over the next 6-12 months.

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VRX Valeant
$17.83

-0.52 (-2.83%)

11/15/16
WELS
11/15/16
NO CHANGE
WELS
Underperform
Wells Fargo cuts low end of Valeant price target to $10
In a research note titled "Second Look--We Think Risk Of Restructuring Is Increasing," Wells Fargo analyst David Maris cut his price target range for shares of Valeant Pharmaceuticals to $10-$13 from $17-$22. The stock closed yesterday down 45c to $17.55. Valeant's declining high-margin neurology business could weigh on margins and cash flow in the coming years, Maris tells investors in a research note. Following Valeant's Q3 results, guidance cut and commentary on 2017, Maris is less certain the company has the ability to meet its obligations without refinancing. He believes any refinancing will be "much more expensive" post the Q3 results. After Valeant disclosed a new subpoena from the California Department of Insurance in its quarterly filing, the company's government and regulatory investigations now total 12, in addition to three class action suits, three RICO suits, 10 U.S. securities litigations, eight Canadian securities class actions, an IRS review, and an insider trading case, Maris points out. He keeps an Underperform rating on Valeant.
11/17/16
WELS
11/17/16
NO CHANGE
WELS
Wells Fargo reminds investors that Valeant has no legal reserves
After the former CEO of Philidor Andy Davenport and former executive Gary Tanner were arrested, Wells Fargo analyst David Maris reminds investors that Valeant Pharmaceuticals has not reserved for any potential legal liabilities. The arrests and charges are separate from a Department of Justice investigation that may lead to potential criminal charges against former Valeant executives and the company itself, Maris writes to investors in an intraday research note. He continues to believe that the "many legal cases" against Valeant and its affiliated business partners could turn out to be a "major risk" for Valeant and investors. He keeps an Underperform rating on the shares with a $10-$13 price target range. The stock is down 6%, or $1.11, to $16.75 in morning trading.
11/18/16
DBAB
11/18/16
NO CHANGE
Target $24
DBAB
Hold
Deutsche still likes near-term setup for Valeant shares
Deutsche Bank analyst Gregg Gilbert said yesterday that he still likes the near-term setup for shares of Valeant Pharmaceuticals after federal prosecutors announced criminal charges against former executive Gary Tanner and the former CEO of Philidor. It is "good to see" that Valeant and other senior executives were not charged, Gilbert told investors in a research note. The charges could be an important step forward as the company and new management team distance themselves from the past, Gilbert wrote. The analyst points out that the bar for 2016 has already been lowered and that new CFO Paul Herendeen thinks of guidance as a commitment. Gilbert keeps a Hold rating on Valeant with a $24 price target. The stock closed yesterday up 12c to $17.98.
11/18/16
ADAM
11/18/16
NO CHANGE
Target $17
ADAM
Hold
Valeant negative headlines remain a risk, says Canaccord
Canaccord analyst Neil Maruoka noted yesterday's headlines regarding criminal charges against a former Valeant executive. He said although the charges are not pertinent to Valeant it underscores the negative headline risk that is associated with owning the shares. Maruoka said the company's lower guidance suggests growth headwinds into next year and believes the company still needs to sell assets to de-lever. Maruoka maintained his Hold rating and $17 price target on Valeant shares.

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