Morgan Stanley Upgrades Valeant to Overweight, Sees 58% Upside

Embattled pharma giant Valeant Pharmaceuticals Intl Inc (NYSE:VRX) caught a big upgrade from analysts at Morgan Stanley this morning, sending its shares soaring more than 10%.

The firm boosted its rating on VRX from Equal-Weight to Overweight and lifted its price target from $33 to $42. That new target suggests a 58% upside to the stock’s Tuesday closing price of $26.60.

Earlier this month, Valeant announced a vague turnaround plan aimed at reversing the company’s fortunes. The stock, which less than a year ago traded over $250 per share, has seen its price plummet 90% amid pricing scandals of its therapeutic drugs.

The company has pledged to offer fair prices for its products moving forward, and recently announced new leadership and a change in company culture. Only time will tell if VRX is able to shake off the sins of its past and become a biotech darling once again.

Valeant shares rose $2.54 (+9.55%) to $29.14 in premarket trading Wednesday. Prior to today’s upgrade, VRX stock had plunged almost 74% year-to-date.

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