by Wolf Richter
Just before Valeant imploded as its iffy accounting procedures and business practices – buying drug makers or the rights to drugs protected by monopolistic structures then jacking up the price of these drugs – broke the surface, there were the Wall Street analysts.
They’re following the company. They’re experts on the company. They’re rating it and putting lofty price targets on its shares. It’s a quarterly routine. The Q&A portion of the earnings call on April 29, 2015 – before all heck broke loose and before the stock crashed 90% – depicts to what extent analysts are in bed with the company (transcript via Seeking Alpha):