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'Well-Established' Eye Health Company Bausch + Lomb Gets Outperform Rating From This Analyst

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  • RBC Capital markets initiated coverage on Bausch + Lomb Corp (NYSE: BLCO) with an Outperform rating and a $22 price target.

  • The analysts see B+L as a diversified ophthalmology company with strong brand equity, reaping the rewards of over $2 billion of investment since 2018 through several new product launches and expected margin improvement.

  • The company is a well-established eye health company operating in the $50 billion vision care, surgical, and pharmaceutical markets.

  • RBC notes that some gaps in its product suite should be resolved over ~24 months, permitting B+L to better leverage its high brand equity and achieve or may exceed its targeted 4-5% revenue growth over time.

  • "We recognize the shares may be volatile in the near-term based on the outcome of the BHC Xifaxan patent trial (decision likely by mid-August), which will potentially influence the timing/decision regarding the expected 80% BLCO distribution by Bausch Health Companies Inc (NYSE: BHC)." RBC writes.

  • Price Action: BLCO shares are down 3.79% at $15.48 during the market session on the last check Tuesday.

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