UPDATE: Goldman Sachs Reinstates Valeant Pharmaceuticals International at Neutral (VRX)

Goldman Sachs is out with its report today on Valeant Pharmaceuticals International VRX, reinstating VRX at Neutral. In a note to clients, Goldman Sachs writes, "In conjunction with 1Q results and the recent withdrawal of its consent solicitation to acquire Cephalon, we remove our Not Rated designation and reinstate with a Neutral rating and 12-month price target of $50." Shares of VRX closed Monday at $51.88, up 3.76% from Friday's close.