UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT for Valeant Pharmaceuticals International

In a report published earlier today, Jefferies & Company, Inc. reiterated its Buy rating for Valeant Pharmaceuticals International, Inc. (NYSE: VRX), but lowered its price target from $75.00 to $63.00.

Jefferies went on to say “After what we viewed as an excellent analyst day yesterday, VRX remains controversial ... yet an excellent investment -- especially after yesterday's weakness. For a company with >20% exposure in Europe, to actually reaffirm the UPPER end of its EPS guidance is a testament to the strength and durability of its business model. We now lower our PT for a more realistic market.”

Valeant Pharmaceuticals International, Inc. closed yesterday at $45.23.