In a research note titled “Still warming up,” Deutsche Bank analyst Gregg Gilbert applauds the new management team at Valeant Pharmaceuticals for managing near-term debt maturities, returning the core franchises Salix and Bausch+Lomb to growth, and resolving some legacy legal issues. The analyst sees an improving risk/reward for the shares as Valeant “continues to deliver on its financial expectations and proactively manage its debt load.” Gilbert, however, keeps a Hold rating on Valeant, citing uncertainties around the growth potential and duration of Xifaxan and other franchises as well as the “potential cost of past sins.” After including a $500M preliminary assumption for the liabilities stemming from ongoing investigations and lawsuits into his model, the analyst trimmed his price target for Valeant shares to $18 from $19. The drugmaker closed yesterday up 17c to $14.45.