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Can’t stomach volatile Valeant shares? Analysts like its bonds better

Reuters

Is the outlook brighter for troubled Valeant? CreditSights says second-quarter results provide early indications of stabilization.

Investors looking for refuge from Valeant International Pharmaceutical Inc.’s battered and volatile share price could try a different tack: the company’s bonds.

Analysts at research firm CreditSights upgraded their recommendation on the bonds to outperform from hold after the pharma company’s second-quarter earnings released Tuesday showed signs of stabilization after the turmoil of the past year.

Stock investors take note, too. Credit market-watchers seeped in nuances of company liquidity, debt ratios and maturity timelines are often the first to notice when a company’s fiscal picture sours, and likewise when it may have turned a corner.

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