Morgan Stanley softens view on Valeant, cuts price target to $17; Ackman backs away; shares slump 7%

|By:, SA News Editor

Morgan Stanley downgrades Valeant Pharmaceuticals (VRX -7.1%) to Equal Weight from Overweight and drops the price target to $17 (29% upside) from $25.

Wells Fargo reiterates its Underperform rating.

Long-time bull Bill Ackman recently cut his stake in the company.

Read now Bill Ackman Preempts Yellen By Cutting Valeant Exposure

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