Wells Fargo analyst David Maris said a series of letters made available by the SEC today reveal that the regulator has been questioning Valeant over its tax reporting and disclosures. The letters also make it appear that Valeant will be presenting new measures and disclosures with its Q4 results and 2017 guidance based on SEC concerns with its use of non-GAAP metrics, noted Maris. The analyst, who also called the report of a breakdown in Valeant's sale talks with Takeda around Salix "disappointing," keeps an Underperform rating and $10-$13 price target range on Valeant shares.