UPDATE: Morgan Stanley Reiterates Overweight RAting, Raises PT on Valeant Pharmaceuticals International, Inc. on New Proforma Model for SLXP

In a report published Thursday, Morgan Stanley analyst David Risinger reiterated an Overweight rating on

, and raised the price target from $183.00 to $223.00. In the report, Morgan Stanley noted, "We estimate SLXP will be 20% accretive in 2016E, ramping to 37% in 2020E. The significant ramp in long-term accretion is primarily driven by debt paydown and partially by slower projected Salix operating cost expansion under Valeant. We project pro forma EPS to rise as follows: '16E +20% from $12.36 to $14.84, '17E +32% from $14.01 to $18.09, ramping to '20E +37% from $18.89 to $25.89." Valeant Pharmaceuticals International, Inc. closed on Wednesday at $198.00.