Deutsche Bank Raises PT On VRX To $62

Deutsche Bank, citing even further potential upside following a strong year, has raised its price target from $55 to $62 on Valeant Pharmaceuticals VRX and maintains its Buy rating on the stock. Says Deutsche Bank, in its report, “Valeant shares have had an impressive run since the Biovail merger was announced approximately 12 months ago. However, we continue to believe they have upside potential. We like the positioning of Valeant – offering investors one of the few ways to participate in relatively high growth emerging markets. Further, we continue to believe the company has the potential to generate above average growth and strong cash flow by leveraging a highly efficient tax structure combined with its diversified revenue base: Buy.” VRX closed yesterday at $52.28.