UPDATE: J.P. Morgan Raises PT on Valeant Pharmaceuticals to $46 (VRX)

J.P. Morgan is out with its report today on Valeant Pharmaceuticals VRX, raising its PT from $44 to $46. In a note to clients, J.P. Morgan writes, "We remain Overweight on VRX shares. Through its business development growth model and favorable tax structure compared to its competitors, we believe Valeant has a distinct advantage over its specialty pharmaceutical peers and remains a compelling investment opportunity. While shares have had a strong move YTD (+59%), we see execution on the Biovail and PharmaSwiss transactions and further business development as catalysts for the company through the year. We are increasing our Dec 11 price target of $46 from $44." Shares of VRX closed Monday at $44.26, down 1.47% from Friday's close.