Deutsche Bank Maintains Buy on Valeant Pharmaceuticals

Deutsche Bank is out with its report today on Valeant Pharmaceuticals VRX, maintaining Buy. In its report, Deutsche Bank writes, "We maintain our Buy rating. Our 12-month price target remains $57, based on 16x our 2012 Cash EPS estimate of $3.52. We believe the 16x multiple is appropriate as we project a long-term earnings growth rate for Valeant of 12-15%. And we believe Valeant deserves to trade at a slight premium to its growth rate due to its diverse, sustainable revenue base and its strong track record of completing and integrating acquisitions." Shares of VRX closed Tuesday at $44.39, down 0.60% from Monday's close.