Bausch + Lomb price target lowered to $20 from $23 at BofA

BofA lowered the firm’s price target on Bausch + Lomb to $20 from $23 and keeps a Buy rating on the shares. The Xiidra acquisition adds sales infrastructure and a brand name that should help accelerate the Miebo launch, says the analyst, who is adding Xiidra to the firm’s B+L model and sees Xiidra adding a growth driver accretive to margins. The firm’s lower target reflects a lower multiple applied to its 2024 EBITDA estimate as SMID medtech multiples have retreated, the analyst tells investors.