Valeant Pharmaceuticals Intl Inc (NYSE: VRX) is having a strong start to the trading session this morning, and for good reason. The company was the center of an analyst upgrade, leading to excitement among investors and sending the stock on a run for the top. Today, we’ll talk about:
- The upgrade;
- what we’re seeing from the stock;
- and what we’ll be watching for ahead.
VRX Gets Upgraded At Mizuho
As mentioned above, Valeant Pharmaceuticals is having an incredibly strong day in the market today after news broke that the company was the center of an analyst upgrade. Early this morning, Mizuho Securities upgraded the stock from an Underperform rating to a Neutral rating. With the upgrade, the firm set the price target on the stock to $15.00 from $10.00. With the stock trading over $20 per share, this is still a bearish expectation, but it is a positive change. In a statement, Mizuho analyst, Irina Koffler, had the following to offer with regard to VRX:
We see no nearterm sell catalysts and view 2018 guidance as achievable. However, bigger picture we remain concerned about Valeant’s return to revenue growth, which we currently model in 2020.
What We’re Seeing From The Stock
With the analyst upgrade in mind, it’s no surprise to see that Valeant Pharmaceuticals is having a strong day in the market today. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:14), VRX is trading at $21.80 per share after a gain of $1.00 per share or 4.81% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on VRX. In particular, we’re interested in following the story surrounding the company’s goal of returning to revenue growth. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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