Josh Brown Sees 'Toosh-Covering' Coming For Valeant
Ritholtz Wealth Management CEO Josh Brown sees there is "toosh-covering" coming for the embattled Canadian pharma company Valeant Pharmaceuticals Intl Inc (NYSE: VRX).
"The people saying things like 'taking steps in the right direction' are people who had buy recommendations on this stock 200 points higher. You're going to see toosh-covering going on over the next three months like you cannot imagine," Brown said on CNBC's Halftime Report.
Related Link: Greenberg: Valeant Reminds Me Of Tyco
Commenting on the stock price, Brown said, "There is a lot of hair on this one. At $28, $29 bucks a share, I am saying you can take a shot. I cannot see a double –headed jump, but I do say that the stock could be $40 just like that."
Shares of Valeant are rallying on the prospect of a new CEO and were up 9 percent at $31.58. They were down 88 percent from the August 2015 high of $263.81.
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