Piper Jaffray Raises PT on Valeant Pharmaceuticals to $43 (VRX)

Piper Jaffray is out with its report today on Valeant Pharmaceuticals VRX, raising its price target from $41 to $43. In a note to clients, Piper Jaffray writes, "VRX bolsters Central/Eastern Europe brand generics presence with PharmaSwiss acquisition. PharmaSwiss operates in 19 countries throughout Eastern and Central Europe, including Poland, Hungary, and the Czech Republic, as well as in other markets where VRX does not have a presence such as Greece and Israel.Valeant represents one of the most attractive earnings growth and cash flow stories among large cap names in the broader pharma space. We base our $43 PT (up from $41) on our 2012 EPS estimate of $3.31 (from $3.13), times a P/E of 13x (unchanged), discounted at 10%." Piper Jaffray reiterates Overweight on VRX. At the time of posting, shares of VRX were trading at $39.20, up 0.54% from Tuesday's close.