Valeant Pharmaceuticals (VRX) PT, Estimates Raised at Jefferies on Strong Q3

Jefferies analyst David Steinberg reiterated a Buy rating and boosted his price target on Valeant Pharmaceuticals (NYSE: VRX) to $149.00 (from $141.00) following strong Q3 results.

Steinberg commented, "Valeant reported a strong Q3 – as expected. While revs of $2.06B were slightly dampened due to Fx (-$31M net) they still met consensus. Cash EPS of $2.11 was well ahead of estimates ($1.99) as operating margin improved. Mgt indicated business was solid across the board – highlighting US Derm and B&L. Moreover, Jublia is off to such a strong start it could more than double mgt’s current FY15 guidance of $150M."

The firm raised FY 2014 EPS from $7.95 to $8.30.

For an analyst ratings summary and ratings history on Valeant Pharmaceuticals click here. For more ratings news on Valeant Pharmaceuticals click here.

Shares of Valeant Pharmaceuticals closed at $124.78 yesterday.

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