Morgan Stanley (MS) is saying what this group knew all along: Valeant Pharmaceuticals (VRX) is a cheap stock. The analyst believes the stock is worth $42, should Valeant renegotiate its debt, generate more cash from operations, and cut debt.Turnarounds start with leadership. Ackman brought in Papa, and Joe Papa brought in his team to steer VRX's fortunes around.Should VRX exceed my $29 PT, I will consider raising the fair value.Model portfolio return in the premium subscription (for tracking purposes only):