Soleil Securities Slaps A 'Sell' Rating on Valeant Pharmaceuticals (VRX)
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Soleil Securities initiates coverage on Valeant Pharmaceuticals Int (NYSE: VRX) with a Sell rating and $14 price target, saying declining base and pipeline concerns leave VRX overvalued.
The firm said, "We are concerned about the current valuation given deteriorating underlying trends for its core branded business, and limited sales potential for retigabine, its pipeline epilepsy product. We do not see the epilepsy compound as being significantly differentiated to gain wide-spread acceptance in a highly crowded, highly generic market, despite a large cap pharma partner in GlaxoSmithkline (NYSE: GSK).
The firm's $14 price represents a 28% discount to yesterday's close of $19.49.
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