UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Valeant Pharmaceuticals International Following Bausch & Lomb Acquisition Completion

In a report published Monday, Deutsche Bank analyst David M. Steinberg reiterated a Buy rating on Valeant Pharmaceuticals International (NYSE: VRX), and raised the price target from $103.00 to $104.00.In the report, Deutsche Bank noted, “We are adjusting our 2013-2015 EPS estimates to reflect the recently completed financing for the $8.7B Bausch & Lomb (B&L) acquisition. Valeant plans to draw down an additional $4.1B in committed bank debt just prior to transaction close. Our prior forecast had assumed that the timing of the equity and debt financing would be in proximity to this date. We are making no changes to our rev or expense assumptions (still assume end of Q3 close). That said, there could be a ‘stump' contribution from B&L if the acquisition is completed in August/September. Maintain Buy.”Valeant Pharmaceuticals International closed on Friday at $88.77.