In a big vote of confidence, Cantor analyst Louise Chen reiterates an Overweight rating on shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX), while boosting his price target to $23.00 (from $18.00), as he believes the company has reached a positive inflection point in its turnaround.

Chen opined, “Valeant’s strong execution against its stated objectives increases our confidence that Joe Papa, CEO, and Paul Herendeen, CFO, can return the company back to growth. We would also point out the addition of Arthur Shannon to head up the Investor Relations effort as another positive addition to the management team, in our view. Mr Shannon has more than 20 years of experience in the field of investor relations and joined Valeant from Perrigo.”

“We think Valeant could continue to refinance its debt to push out the maturities beyond where they are today. Management has noted that all options are on the table here. Valeant has to use all proceeds from asset sales to pay down its term loans per its credit agreements. The company can pay back bank debt, secured debt and senior unsecured debt, etc. with free cash flow,” the analyst added.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, Chen has a yearly average return of -12.5% and a 39% success rate. Chen has a -59.8% average return when recommending VRX, and is ranked #4488 out of 4588 analysts.

As of this writing, the overwhelmingly majority of analysts still say Valeant is a “Hold,” according to TipRanks.