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

In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Valeant Pharmaceuticals International VRX, and raised the price target from $82.00 to $103.00. In the report, Deutsche Bank noted, “Maintain Buy Post $8.7B Acquisition of B&L - Which Makes Strategic Sense - We continue to like Valeant's positioning – offering investors one of the few ways to participate in relatively high-growth emerging markets. And we continue to believe it has the potential to generate above-average growth and strong cash flow by leveraging a diverse revenue base, highly efficient tax structure, and robust business development pipeline. And Valeant's announced $8.7B acquisition of global eye care company Bausch & Lomb (B&L) positions VRX to be a global leader in both ophthalmology and dermatology.” Valeant Pharmaceuticals International closed on Tuesday at $91.80.