Jefferies Updates On VRX

Jefferies has issued an update on Valeant Pharmaceuticals VRX. According to Jefferies, "In this note, we provide our periodic review of Valeant's overall business. We see no major flaws and continue to expect upside to numbers from both the existing business as well as future accretive deals. And with a stock trading at only 11x our 2012 EPS, we see a major opportunity for multiple expansion in the coming months." VRX has a Buy Rating and a $58 PT. VRX closed at $39.89 on Friday.