June 16, 2017 / 1:14 PM / 6 months ago

BUZZ-Valeant: Cantor Fitzgerald starts coverage with 'overweight'

** Canadian drugmaker’s U.S.-listed shares up about 4 pct at $12.60 in premarket trade

** Cantor Fitzgerald begins coverage with “overweight”, PT $18

** Valeant can lower its debt balance to $15 bln-$20 bln from about $28 bln, over next several years, Cantor Fitzgerald analyst Louise Chen says

** “Valeant had unfairly become the target or symbol of many negatives surrounding the pharma industry. We think that the volume of media attention placed on Valeant as well as the negative headlines have diminished meaningfully when compared to over a year ago,” Chen adds

** Only 3 of 21 brokerages rate the stock “buy” or higher, 13 have “hold” and 5 “sell” or lower; median PT $15

** Up to Thursday’s close, stock had fallen about 49 pct in last 12 months

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