There can be a new low for analyst price targets on Valeant Pharmaceuticals International Inc.
Irina Koffler at Mizuho Securities USA downgraded the Canadian pharma company to underperform from neutral on Monday, and slashed her price target to US$18 per share from US$70.
CIBC World Markets previously had the most bearish outlook constantly using a US$24 price target.
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Reacting to Valeant’s recent business call, Koffler told clients the company’s three-year growth forecasts appear unreliable which is business looks being contracting.
As an impact, the analyst anticipates further guidance reductions from Valeant.
“We also concern yourself with liquidity along with an ongoing insider trading class act suit that individuals believe could burden the liability side from the balance sheet,” she said before news emerged on Monday that leader Michael Pearson remains replaced.
