JPMorgan analyst Chris Schott lowered his price target for Valeant Pharmaceuticals to $225 from $265 to reflect the Philidor discontinuation's impact on the dermatology and neurology franchises. The stock closed yesterday down $1.77 to $83.64. The analyst "conservatively" assumes that the dermatology business recovers "to some extent" in 2016. The rest of the Valeant business, which represents more than two-thirds of the company's revenue, appears to be performing well, Schott tells investors in a research note after management held a business update conference call. The analyst points out that the stock currently trades as less than six times his 2016 estimates and less than five times his 2017 estimates despite a portfolio consisting of a "number of high multiple businesses." Schott keeps an Overweight rating on Valeant.