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, "We continue to envision U.S. sales north of $200M by 2014 (VRX will share profits with Glaxo). With a new growth driver for the U.S. neurology business, plus strong dynamics for the U.S. dermatology franchise as well as ex-U.S. business units (particularly Canada), we believe solid top-line and EPS growth is sustainable, with acquisition activity providing further upside. We reiterate our Overweight rating and $65 PT." Shares of VRX closed Monday at $52.93, up 0.19% from Friday's close.