Jefferies Places Valeant Pharma on Its Restricted List (VRX)

Jefferies & Company is out with a research report this morning, where it places Valeant Pharmaceuticals

on its restricted list due to the company’s current role as an advisor to its merger with Biovail

. Prior to the merger, the company was Buy rated, with a $57.00 price target. Valeant hopes to close the merger in mid-October. Based on the company’s recent earnings report, the analysts said, “Based on the 2Q EPS beat and new guidance, we're raising our 2010 EPS to $3.00 (in-line with guidance) vs. our prior $2.85. We maintain all other EPS estimates.”