Bausch Health price target raised to $7 from $6 at BofA

BofA raised the firm’s price target on Bausch Health (BHC) to $7 from $6 and keeps an Underperform rating on the shares. The firm raised its target based on higher revenue and EBITDA forecasts based on FY24 guidance and a roll over of EV/EBITDA multiples to FY25, but reiterate an Underperform rating given the collective uncertainties around execution and timing of a Bausch + Lomb (BLCO) separation, which it calls the “sole value unlocking mechanism for the stock.”