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VRX

Valeant

$19.71

0.03 (0.15%)

16:09
12/17/17
12/17
16:09
12/17/17
16:09

Valeant, subsidiary announce early tender results

Valeant Pharmaceuticals announced the results to date of the pending cash tender offers by Valeant and Valeant Pharmaceuticals International, a wholly-owned subsidiary of Valeant, to purchase up to $1.5B aggregate principal amount of their respective outstanding notes listed in the table below, as well as the anticipated early settlement date for the Tender Offers on December 18, 2017. Valeant is the Offeror for the notes issued by it, and VPI is the Offeror for the notes issued by it. Valeant also announced that the maximum aggregate principal amount of 5.375% Senior Notes due 2020 that will be accepted for purchase was increased to $292M, from the previously announced Tender Cap of $200M. All terms and conditions of the Tender Offers remain unchanged as set forth in the Offer to Purchase dated December 4, 2017, as amended by Valeant's press release dated December 4, 2017, announcing the upsize of the Tender Offers, and the related Letter of Transmittal, and capitalized terms used but not defined herein shall have the meaning ascribed to them in the Offer to Purchase. The Tender Offers will expire at 11:59 p.m., New York City time, on January 2, 2018. No tenders will be valid if submitted after the Expiration Date.

  • 27

    Dec

  • 18

    Jun

VRX Valeant
$19.71

0.03 (0.15%)

11/16/17
DBAB
11/16/17
NO CHANGE
Target $18
DBAB
Buy
Deutsche Bank sees improving risk/reward for Valeant shares
In a research note titled "Still warming up," Deutsche Bank analyst Gregg Gilbert applauds the new management team at Valeant Pharmaceuticals for managing near-term debt maturities, returning the core franchises Salix and Bausch+Lomb to growth, and resolving some legacy legal issues. The analyst sees an improving risk/reward for the shares as Valeant "continues to deliver on its financial expectations and proactively manage its debt load." Gilbert, however, keeps a Hold rating on Valeant, citing uncertainties around the growth potential and duration of Xifaxan and other franchises as well as the "potential cost of past sins." After including a $500M preliminary assumption for the liabilities stemming from ongoing investigations and lawsuits into his model, the analyst trimmed his price target for Valeant shares to $18 from $19. The drugmaker closed yesterday up 17c to $14.45.
12/14/17
JPMS
12/14/17
DOWNGRADE
Target $12
JPMS
Underweight
Valeant downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Chris Schott downgraded Valeant Pharmaceutical to Underweight while raising his price target for the shares to $12 from $10. Underweight is JPMorgan's lowest stock rating. The drugmaker closed yesterday up 18c to $22.05. The analyst sees better opportunities in the sector following the recent rally in the shares. While Valeant has made progress stabilizing its core operations and addressing near-term debt maturities, patent expirations and generic competition remain a challenge in 2018 and 2019, Schott tells investors in a research note. He believes 2018 consensus estimates are too high and that Valeant's valuation is "stretched" at current levels.
12/14/17
12/14/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Verizon (VZ) downgraded to Hold on valuation at HSBC with analyst Sunil Rajgopal saying the recent rally limits upside. 2. Blue Buffalo Pet Products (BUFF) downgraded to Hold from Buy at Deutsche Bank with analyst Faiza Alwy citing valuation concerns as the stock is up 35% over the last six months. 3. Nielsen (NLSN) downgraded to Underweight from Equal Weight at Barclays with analyst Manav Patnaik saying he sees challenging end markets for the company as well as credibility concerns following a year of "poor" execution. 4. Valeant (VRX) downgraded to Underweight from Neutral at JPMorgan with analyst Chris Schott saying he sees better opportunities in the sector following the recent rally in the shares. 5. Pier 1 Imports (PIR) downgraded to Sell from Hold at Gordon Haskett with analyst Chuck Grom citing the third quarter miss and lowered guidance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/15/17
MZHO
12/15/17
NO CHANGE
Target $10
MZHO
Underperform
Valeant's valuation not justified, says Mizuho
Mizuho analyst Irina Koffler expects a negative reaction to Valeant's 2018 guidance is concerned about a dilutive financing event after recent share strength. Koffler reiterated an Underperform rating on Valeant but increased its price target to $10 from $7 and said he "can't justify current valuation."

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