UPDATE: Morgan Stanley Reiterates, Raises Price Target On Valeant Pharmaceuticals As Jublia Formulary Concerns Are Noise

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

, and raised the price target from $175.00 to $183.00. In the report, Morgan Stanley noted, “We are bumping our PT from $175 to $183, driven by slightly higher EPS estimates. Our target P/E remains 15x '16 EPS.We bumped '16E EPS by 4% from $11.67 to $12.13 following strong guidance last week. Our 5-yr. CAGR ('15-'20) rev projection is 6% and EPS is 11%. Note that we exclude unannounced M&A, so future deals could boost prospects beyond our published projections.” Valeant Pharmaceuticals closed on Tuesday at $158.04.