Deutsche Bank analyst Gregg Gilbert reiterates his belief that short-term setup for shares of Valeant Pharmaceuticals is "encouraging." The analyst expects the company to provide its 2017 outlook sometime between now and when it reports Q4 results. To reflect recently announced divestitures, loss of exclusivity for several products and currency headwinds, Gilbert lowered his 2017 earnings per share estimate for Valeant to $4.52 from $5.62 and sales estimate to $8.5B from $9.5B. He dropped his 2018 earnings estimate to $4.80 from $5.66. The moves took Gilbert's price target down to $20 from $24. The analyst keeps a Hold rating on Valeant but believes its growth picture beyond 2017 "should improve."