H.C. Wainwright analyst Raghuram Selvaraju says Valeant Pharmaceuticals is gradually obtaining more financial flexibility, as the shorter-term debt tranches have been considerably reduced. The company last week announced that it had entered into a fourth amended and restated credit and guaranty agreement effectuating a full refinancing of its secured revolving and term loan credit facilities, Selvaraju tells investors in a research note. He reiterates a Neutral rating on Valeant with a $20 price target, however, awaiting evidence of the company returning to long-term sustainable growth.