Mizuho analyst Irina Koffler lowered Valeant's price target to $9 and maintained her Underperform rating citing concerns about the eroding asset base and lack of organic growth in front of 2017 guidance. Koffler notes total milligrams of Xifaxan grew 16.5% in 2016 but this trajectory flattened to approximately 2% year-over-year growth in 4Q 2016 and thinks the brand is slowing and the overall franchise may only sustain low single-digit growth in 2017. Dermatology is also declining, and management is hoping for a boost from its pipeline that may take several years. The analyst said Siliq for psoriasis as a dilutive asset, similar to Addyi, and said although there are finally seeing signs of growth for Relistor, the product is too small to matter, and it sounds like Valeant may try to sell it.