Morgan Stanley Reviews Valeant Pharmaceuticals' Earnings

In a report published Wednesday, analysts at Morgan Stanley maintained their Overweight rating on

, as well as the price target of $223. The company announced 1Q results slightly above the consensus, while also sharing its CFO succession plan. Valeant reported 1Q revenues and EPS above the consensus expectations while raising the midpoint of its 2015 EPS guidance range and reiterating its 2016 projections. The company has also guided to organic growth in same store sales of more than 10 percent from 2Q to 4Q of 2015. Valeant also announced the current CFO, Howard B Schiller intends to step down as soon as a successor is appointed. Schiller will continue to serve as the CFO while the search for his successor is conducted. He will, however, continue to serve on the company's board and stand for re-election as a director at the annual shareholder meeting to be held in May.