Tue, Aug 12, 2014 11:56 AM EDT 1:02
TheStreet's Jim Cramer says Valeant's (VRX) bid for Allergan (AGN) may have hit a 'high water mark' because he believes the only way for Valeant's stock to continue moving higher is for it to acquire Allergan. Cramer says he is hearing chatter that Valeant's stock could possibly move higher if the company dumps its offer for Allergan. But, Cramer says he wouldn't touch shares of Valeant. Cramer says he is keeping his eyes on shares of Allergan and says he'd be a buyer of the stock if it moved down to around $140 a share. Cramer says Allergan shares are a compelling investment based on the company's earnings prospects along.