Piper Jaffray Reiterates Overweight on Valeant Pharmaceuticals

Piper Jaffray is out with its report today on Valeant Pharmaceuticals VRX, reiterating Overweight. In a note to clients, Piper Jaffray writes, "With strong cash flows, plus additional M&A activity, we believe VRX is attractive. Our $65 PT is based on our 2014 EPS of $4.71 (down from $4.76), times a P/E of 16x, discounted by 1.5 years (down from 1.75 years) at 10%." At the time of posting, shares of VRX were trading pre-market at $55.15, up 0.27% from Friday's close.