Valeant Pharma (VRX): Yet Another Guidance Cut - Jefferies
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Jefferies analyst, David Steinberg, reiterated his Buy rating on shares of Valeant Pharmaceuticals (NYSE: VRX) but cut his price target nearly in half to $22 from $40. While Q3 revs of $2.444B were just slightly (0.7%) below his est, EPS came in well below consensus ($1.55 vs $1.75) due to product mix & higher interest expense.
However, guidance was the focal point and lowered once again. The analyst thinks the biggest surprise was management's commentary that FY17 revs & EBITDA will be lower than current FY16 guidance. Management claims divestitures are not needed to maintain liquidity but will likely be key to NT performance.
Shares of Valeant Pharmaceuticals closed at $14.98 yesterday.
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