Bausch Health Companies (BHC) PT Lowered to $11 at RBC Capital

RBC Capital analyst Doug Miehm lowered the price target on Bausch Health Companies (NYSE: BHC) to $11.00 (from $12.00) while maintaining a Sector Perform rating.

The analyst comments "BHC will report Q1/24 results BMO on May 2nd, one day after BLCO’s Q1 results. We estimate Q1/24 revenue of $2.13B (vs. FactSet cons. $2.15B) and adj. EBITDA of $682MM (vs. FactSet cons. $730MM). We expect the focus to be on a potential BLCO distribution to BHC shareholders and the factors influencing such a decision. We believe that following the Appellate Court's ruling, BHC stands in a stronger position to move forward with a potential BLCO distribution. However, Amneal's ANDA submission has likely added additional complexity to the situation."

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