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Fly News Breaks for June 24, 2016
VRX
Jun 24, 2016 | 07:58 EDT
Morgan Stanley analysts led by David Risinger lowered Valeant estimates saying they over-estimated earnings and under-estimated SG&A. The analyst lowered Q2 earnings estimate to $1.50 from $1.68, versus consensus of $1.59, due to higher SG&A from ongoing legal fees, Board expenses, and ad hoc committee costs. Risinger lowered 2016 to $6.40, below management's low end guidance range of $6.60 based on full year SG&A as a percentage of sales of 27.7% versus guidance of approximately 26%. Risinger rates Valeant an Equal Weight with a $33 price target.
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