Bausch Health upgraded to Buy from Hold at Jefferies

Jefferies upgraded Bausch Health (BHC) to Buy from Hold with a price target of $16, up from $9. The company may have some legal victories in Xifaxan litigation with updates in Q4 and Q1, the analyst tells investors in a research note.the analyst tells investors in a research note. The firm says once litigation is resolved, the path to the 80% Bausch + Lomb (BLCO) spin “becomes more defined.” Jefferies sees positive Xifaxan catalysts increasing the probability of the spin, “making it appropriate” to value Bausch shares at $16.