Cantor Fitzgerald analyst Irina Rivkind Koffler reiterated a Buy rating and boosted her price target on Valeant Pharmaceuticals (NYSE: VRX) price target of $271.00 (from $222.00) amid "strong" Q1 results.

Koffler commented, "Valeant reported revenues of $2.19B (+16% Y/Y) and adjusted non-GAAP EPS of $2.36 in 1Q:15 vs. guidance of 10-15% organic revenue growth and >$2.30 and FactSet consensus of $2.15B and $2.33. Management raised 2015 guidance from $9.2-9.3B and $10.10-10.40 to $10.4-10.6B and $10.90-11.20; and introduced 2Q:15 guidance of $2.45-2.55B and $2.40-2.50 cash EPS. With the expected addition of $1.0B in Salix revenue, approx. $300M from Provenge, and at least $500M from Marathon products, we anticipate that U.S. sales could approach $7.4B in 2015 and surpass $10B in 2016. This quarter we saw a 14.7% Q/Q revenue decline in ROW Developed Markets, and an 18.3% Q/Q decline in Emerging Markets. We pessimistically do not expect selling conditions to improve and therefore lowered our estimates (we now model declines in all of these OUS segments in 2015, and took down outer year estimates). In spite of these cuts we still arrive at above-guidance 2015 estimates of $10.8B and $11.53 cash EPS. We reiterate our BUY rating and raise our PT to $271 from $222 using DCF analysis. If we applied an 18x multiple to our 2016 cash EPS of $16.03 we would arrive at a $289 valuation."

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Shares of Valeant Pharmaceuticals closed at $214.06 yesterday.