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Fly News Breaks for April 21, 2017
VRX
Apr 21, 2017 | 06:25 EDT
Wells Fargo analyst David Maris cut his price target range for Valeant Pharmaceuticals to $7-$9 from $10-$13 and keeps an Underperform rating on the name. The drug maker closed yesterday down 14c to $8.88. Valeant shares are not worth the risk, Maris tells investors in a research note. He believes the company will not generate enough free cash flow between now and 2023 to pay its debt maturities. While Valeant's earnings may exceed near-term consensus estimates, investors have better opportunities elsewhere, Maris contends.
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