UPDATE: Aegis Capital Initiates Coverage on Valeant Pharmaceuticals with Buy Rating, $80 PT on High Total Firm Value

In a report published Friday, Aegis Capital initiated coverage on Valeant Pharmaceuticals International

with a Buy rating and $80.00 price target. Aegis Capital noted, “We are initiating coverage of Valeant Pharmaceuticals International, a specialty pharmaceuticals firm with a highly diversified revenue mix consisting of patent-protected ethical pharmaceuticals, branded generics, and over-the-counter (OTC) medications. We are instituting a Buy rating with a 12-month price target of $80.00 per share, derived from an earnings multiple-based valuation approach that applies a ~15x forward multiple to our 2013 projected diluted EPS of $5.52 per share.” Valeant Pharmaceuticals International closed on Thursday at $65.69.