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VRX

Ticker changed BHC

$15.79

(0.00%)

06:20
04/06/18
04/06
06:20
04/06/18
06:20

Valeant upgraded to Neutral from Underperform at Mizuho

Mizuho analyst Irina Koffler upgraded Valeant to Neutral and raised its price target to $15 from $10. Koffler sees a lack of near-term sell catalysts and views 2018 guidance as achievable.

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VRX Ticker changed BHC
$15.79

(0.00%)

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.
03/12/18
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.
03/20/18
WELS
03/20/18
NO CHANGE
WELS
Underperform
Cosmo application represents potential Valeant competition, says Wells Fargo
Cosmo Pharmaceuticals earlier today announced that its New Drug Application for Rifamycin has been submitted to the FDA seeking market authorization for the treatment of traveler's diarrhea under an expedited review process in the U.S. Rifamycin, if approved, would compete with Valeant Pharmaceuticals' largest product, Xifaxan, which is indicated to treat both traveler's diarrhea and irritable bowel syndrome with diarrhea and generated $979M of sales in 2017, Wells Fargo analyst David Maris tells investors in a research note. He expects FDA approval of Rifamycin for traveler's diarrhea in the second half of 2018 and launch in early 2019. Maris continues to believe the market has not considered Cosmo's Rifamycin program as potential competition to Xifaxan. The analyst keeps an Underperform rating on Valeant shares. The stock in afternoon trading is down 21c to $15.98.
03/21/18
DBAB
03/21/18
NO CHANGE
Target $20
DBAB
Buy
Deutsche Bank continues to like risk/reward for Valeant shares
Valeant Pharmaceuticals could get more credit for its dermatology pipeline over time as it discloses more details on assets, secures approvals, and executes on launches, Deutsche Bank analyst Gregg Gilbert tells investors in a research note. He notes that one key difference between Valeant's longer-term outlook and his model is sales potential for the dermatology business. Management believes it can double sales from 2018-2022 to greater than $1B while Gilbert's estimates are much lower at $600M, likely due to lower pipeline contribution. He believes success in dermatology would represent "significant upside" to his current price target of $20. The analyst continues to like the risk/reward for the stock and maintains a Buy rating on Valeant.

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