Valeant Pharmaceuticals: Dead in the Water?

We've never been fans of Valeant Pharmaceuticals International ( VRX ) here at Barron's -- Vito Racanelli had a timely takedown of the company . But while we've been largely silent on Valeant this year, the analyst community continues to battle it out, some seeing an undervalued stock with plenty of upside , others spotting dead money . That hasn't changed, even after Valeant had its psoriasis drug approved by the FDA . Barclays analyst Douglas Tsao and team call the approval "good news." They explain why: