UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Valeant Pharmaceuticals International

In a report published Monday, Deutsche Bank reiterated its Buy rating on Valeant Pharmaceuticals International

, and raised its price target from $75.00 to $77.00. Deutsche Bank noted, “Early Friday, Valeant issued 2013 financial guidance that bracketed both our and consensus forecasts, with expected cash EPS of $5.45-5.75 (vs consensus $5.66, DBe $5.65) on revenue of $4.4-4.8B (vs consensus $4.632B, DBe $4.485). This implies revenue and EPS growth this year of ~35% and ~35% (at the midpoint), respectively. Management's outlook excludes potential acquisitions – other than Natur Produkt, which is expected to close in January 2013. Additionally, the company's revenue expectation assumes a >$100M impact from further generic erosion to several dermatology brands (Retin-A Micro, BenzaClin, Cesamet) and Solodyn contribution of $250-275M (DBe $265M).” Valeant Pharmaceuticals International closed on Friday at $60.71.