Valeant Pharmaceuticals Rating Reiterated by JPMorgan Chase (VRX)
Valeant Pharmaceuticals (NYSE: VRX)‘s stock had its “overweight” rating restated by equities researchers at JPMorgan Chase in a report issued on Wednesday.
The analysts wrote, “This morning, Valeant announced the acquisition of Obagi Medical for $360 mm. While incrementally small relative to Valeant’s overall $4.7 bn in sales and $2 bn promoted products business, we believe the deal makes strategic sense for Valeant given the company’s presence in the derm space, the company’s affinity for consumer assets and the long duration of the Obagi portfolio. Our initial EPS accretion estimates are around $0.10 on an annualized basis ($0.15 assuming no debt financing), but we await further detail from Valeant with its 1Q/13 earnings report.”
Shares of Valeant Pharmaceuticals (NYSE: VRX) traded up 2.81% during mid-day trading on Wednesday, hitting $73.45. Valeant Pharmaceuticals has a 52 week low of $42.47 and a 52 week high of $72.04. The stock’s 50-day moving average is currently $67.84. The company’s market cap is $22.458 billion.
Valeant Pharmaceuticals (NYSE: VRX) last posted its quarterly earnings results on Thursday, February 28th. The company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.13. The company had revenue of $946.67 million for the quarter, compared to the consensus estimate of $654.17 million. During the same quarter in the previous year, the company posted $0.94 earnings per share. The company’s revenue for the quarter was up 43.3% on a year-over-year basis.
Other equities research analysts have also recently issued reports about the stock. Analysts at Morgan Stanley reiterated an “equal weight” rating on shares of Valeant Pharmaceuticals in a research note to investors on Wednesday. Separately, analysts at TD Securities raised their price target on shares of Valeant Pharmaceuticals from $77.00 to $85.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Valeant Pharmaceuticals in a research note to investors on Friday, March 1st. They now have a $77.00 price target on the stock.
Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $73.84.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products.
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