After reviewing Valeant Pharmaceuticals' correspondence with the SEC via a Freedom of Information Act request, Wells Fargo analyst David Maris lowered his price target range for the shares to $25-$30 from $27-$31. The correspondence is concerning as it shows the SEC's "lack of comfort with and its criticism of Valeant's reporting," Maris tells investors in a research note. The SEC used phrases like "we find this presentation to be potentially misleading" and reminded Valeant that its management is in possession of all the facts related to disclosures, the analyst adds. He keeps an Underperform rating on Valeant. Maris also lowered price target range for the stock last week. Valeant is trading down 42c to $25.79 in afternoon trading.