In a post-earnings research note titled "Saying It Does Not Make It So," Wells Fargo analyst David Maris tells investors to review Valeant Pharmaceuticals' financial statement facts "very carefully." Valeant appears to claim victory in its earnings release by stating it has stabilized and strengthened its business, but its franchises "all appear to be stagnating or in decline and cash generation continues to deteriorate," Maris writes. He points out the company's adjusted EBITDA declined 20% in 2016 and 24% in Q4 relative to last year. Maris says his first look at the Q4 results indicate a worse than expected quarter. He keeps an Underperform rating on Valeant with a $10-$13 price target range. The stock in early trading is down 10%, or $1.75, to $14.96.