Wachovia Downgrades Valeant Pharmaceuticals (VRX) to Underperform; Risk/Reward Unfavorable
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Wachovia downgrades Valeant Pharmaceuticals (NYSE: VRX) to Underperform. Valuation Range: $15 to $17.
Wachovia analyst says, "Three factors for the downgrade: bolt on acquisition strategy is unsustainable, in our opinion, current valuation prices in potential reward for retigabine but not the potential risks, and shares are trading at a significant premium relative to peers...Lowering our 2009 EPS estimate to $1.16 from $1.26 (including amortization). The change reflects the addition of the 8.375% notes, partially offset by 2.5% interest earned on the cash received. We are lowering our 2010 EPS estimate to $1.13 from $1.29 for the same reasons."
To see more analyst ratings on VRX Click Here.
Valeant Pharmaceuticals International is a multi-national specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products.
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