BUZZ-Valeant Pharmaceuticals: Results delayed

Mon Feb 29, 2016 9:55am EST
 
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** Canadian drugmaker's U.S.-listed shares down 7 pct at $74.92; Toronto-traded stock down 8 pct at C$101.01

** Postpones Q4 results and withdraws its prior 2016 financial outlook

** Says it will release preliminary 2015 results and a 2016 outlook "in the near term"

** Says CEO Michael Pearson to return from medical leave, effective immediately

** TD Securities cuts its rating to "hold" from "buy" to reflect the reduced visibility into the FY16 outlook, cuts PT to $110 from $155

** Canaccord Genuity cuts PT to $125 from $170

** 13 of 24 brokerages rate the stock "buy" or higher, 9 "hold" and 2 "sell" or lower; their median PT is $152.50

** Up to Friday's close, U.S. stock had fallen 60 pct in the past 12 months