Cutting the target price on Valeant ahead of earnings but then maintaining a “buy” on the stock is silly. The stock is clearly deeply valued. At 2.9x forward earnings, markets have little to no expectations the company will report any revenue growth.Valeant has no debt covenants due in the near-term. Its task is simple: grow revenue at Salix and B+L.$45 PTStifel lowered its target price to $45..but from what?“We note that proceeds from the divestment of assets (~up to $2.7bn gross) will be applied to repayment of senior secured debt. With the sales and reduced debt, we now project 2017 EPS of $4.90. On these changes our TP decreases to $45.”Bill Miller commented favorably on Valeant's turnaround efforts, though the information lacked any new insight. The upcoming quarterly report later this month should shed some light on the Salix salesforce performance. If the unit underperforms again, that should not concern investors who have a multi-quarter investment time frame. It takes time for the bigger sales team to perform effectively.With the stock sub $15, it is only a matter of time before the business recovers. CEO Joe Papa has the management team and cash flow to succeed. Related:Teva Pharmaceuticals (TEVA) is ~ yearly lows after the CEO quit and the company lost a U.S. court case.Endo International (ENDP) is bottoming. At a 5x P/E, the stock is not reflecting any upside.Mylan (MYL) is in the midst of bouncing back. With the Epipen pricing fiasco in the past, the company may perform well amongst the generic drug suppliers.