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Actionable news in VRX: VALEANT PHARMACEUTICALS INTERNATIONAL,

Valeant May Have Plunged Too Far Even in Worst Case, Mizuho Says

Valeant Pharmaceuticals International Inc. has fallen too far.

In a worst-case scenario, the drugmaker’s shares are worth about 25 percent more than the $78.77 price where they closed Thursday, according to Irina Koffler, an analyst at Mizuho Securities. Even if the company’s chief executive officer steps down and Valeant is put up for sale, the company is probably worth at least $100 a share, she said.

“We understand the panic associated with the turnover of large shareholders, potential government investigations, and the threat of management replacement,” Koffler said in a research note Thursday. “The stock is no longer trading on fundamentals in our view.”

Valeant fell 14 percent on Thursday to its the...


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