Jefferies Maintains Buy on Valeant Pharmaceuticals (VRX)

Jefferies is out with its report today on Valeant Pharmaceuticals VRX, maintaining Buy. In a note to clients, Jefferies writes, "VRX has been the top performing Spec Pharma stock in 2011 (~40% YTD), but with a high degree of confidence in management's ability to execute on its growth objectives, and a view that Street estimates are too low, we see plenty of upside room to our $53 PT." At the time of posting, shares of VRX were trading at $39.57, down 1.12% from Tuesday's close.