Morgan Stanley lowered the firm’s price target on Bausch + Lomb to $18.50 from $20 and keeps an Equal Weight rating on the shares. Expectations into Q3 “look well calibrated,” says the analyst, who thinks Q3 is “more important as a window into come competitive dynamics heading into 2024” for both B+L and the industry. “Small 2024 cuts” due to higher investment to support launches and lower sector multiples drives the firm’s reduction of its price target, the analyst noted.
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