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VRX

Ticker changed BHC

$15.90

0.11 (0.70%)

10:10
03/13/18
03/13
10:10
03/13/18
10:10

Valeant calls active as notable spreads trade early Tuesday

Valeant calls active as notable spreads trade early Tuesday. The stock up 21c to $16 and 5K Mar 20 - Apr 17 call spreads trade at 50c and 4.5K Mar 19 - Apr 17 call spreads at 50c. 10.1K Apr 17 calls trade total against 9.7K open interest. Meanwhile, Mar 19 and 20 calls expire Friday and the activity today likely covers positions opened mid-Feb: 8K Mar 20 calls at 92c and 4.5K Mar 19 calls at $1.29 with shares at $18.80 on 2/16. In other words, the spreads Tuesday roll short calls to April from March and down in strike prices, which likely adjusts an overwrite after a one-month 14.9% slide in shares.

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VRX Ticker changed BHC
$15.90

0.11 (0.70%)

03/12/18
WELS
03/12/18
NO CHANGE
WELS
Underperform
Valeant debt offering likely has 9%-plus coupon, says Wells Fargo
Wells Fargo analyst David Maris says that less than two weeks after filing a shelf offering, Valeant Pharmaceuticals this morning launched a $1.25B offering of unsecured senior notes due 2026. Based on discussions with his firm's high yield debt analyst, Maris estimates the debt likely has a 9%-plus coupon. Valeant is looking to push out 2020 maturities, which may be reflective of its business outlook for the period between now and maturity, Maris tells investors in an intraday research note. Further, swapping 6% debt for 9% debt is an "expensive proposition with less cash flow available to equity holders," the analyst adds. He believes Valeant will likely keep refinancing debt at "higher and higher rates with longer and longer maturities until it can no longer do so." Maris keeps an Underperform rating on Valeant shares. The stock in afternoon trading is up 2.6% to $15.78.
03/06/18
PIPR
03/06/18
NO CHANGE
Target $10
PIPR
Underweight
Valeant multiple 'ripe for further contraction,' says Piper Jaffray
Piper Jaffray analyst David Amsellem found Valeant Pharmaceuticals' "bullish commentary" surrounding the extent of contribution from new launches and its dermatology pipeline concerning. Management's longer-term aspirational goals for these products are unrealistic due to a combination of insufficient differentiation, the availability of generics, brand competition, and heavy payer contracting, Amsellem tells investors in a research note. Given this dynamic, coupled with a "mountain range" of debt maturities starting in 2020, the analyst believes Valeant's current multiple is "ripe for further contraction." Amsellem reiterates an Underweight rating on the stock with a $10 price target.
03/05/18
03/05/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Monster Beverage (MNST) upgraded to Buy from Hold at Deutsche Bank with analyst Steve Power saying the selloff since the company's "weak" results on March 1 is an "overly negative reaction," presenting a buying opportunity. 2. Northwest Natural Gas (NWN) upgraded to Market Perform at Wells Fargo with analyst Sarah Akers citing valuation. 3. Valeant (VRX) upgraded to Buy from Hold at Deutsche Bank with analyst Gregg Gilbert saying with the shares down 20% since the company reported "solid" fourth quarter results and a "decent" 2018 outlook, the price target suggests "significant upside" over the next year if Valeant continues to execute. 4. Newpark Resources (NR) upgraded to Buy from Hold at Johnson Rice with analyst George Venturatos citing its improving market share in the core Fluids segment, leverage to recent rig count gains and its strong free cash flow profile. 5. Tractor Supply (TSCO) upgraded to Buy from Neutral at MoffettNathanson. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/05/18
DBAB
03/05/18
UPGRADE
Target $20
DBAB
Buy
Valeant upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Gregg Gilbert upgraded Valeant Pharmaceuticals to Buy from Hold with an unchanged price target of $20. The drugmaker closed Friday down 37c to $14.88. With the shares down 20% since the company reported "solid" Q4 results and a "decent" 2018 outlook, the price target suggests "significant upside" over the next year if Valeant continues to execute, Gilbert tells investors in a research note partially titled "That was then, this is now." He applauds new management for managing near-term debt maturities, returning the core franchises to growth, and resolving some legacy legal issues. The company is "doing the right things to strengthen the business," Gilbert argues.

TODAY'S FREE FLY STORIES

IFF

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HYMTF

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CVBF

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KAMN

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VALE

Vale

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EQH

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-0.565 (-2.64%)

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OTTW

Ottawa Bancorp

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AYI

Acuity Brands

$123.00

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  • 03

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HYAC

Haymaker Acquisition

$11.79

(0.00%)

, OSW

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(0.00%)

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MLHR

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, MU

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SAGE

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NVDA

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$174.38

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CURLF

Curaleaf Holdings

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  • 25

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PETQ

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  • 20

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T

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SGSOY

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CLX

Clorox

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  • 28

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BA

Boeing

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  • 20

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CE

Celanese

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  • 18

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FTDR

Frontdoor

$32.10

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