Bausch Health Companies (BHC) PT Raised to $30 at Deutsche Bank

August 8, 2018 6:32 AM EDT
Get Alerts BHC Hot Sheet
Price: $7.03 --0%

Rating Summary:
    15 Buy, 11 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 18 | New: 23
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Deutsche Bank raised its price target on Bausch Health Companies (NYSE: BHC) to $30.00 (from $25.00) while maintaining a Buy rating.

Analsyt Gregg Gilbert commented, "BHC reported solid 2Q18 results, with revenue, EBITDA, and EPS coming in above our model (cash flow from ops was lower). Importantly, the company was able to maintain its 2018 revenue target despite greater FX headwinds, and raised its adjusted EBITDA target by $50mn. Following the quarter, we raised our EPS estimates based on modestly higher revenue and higher gross margin (see below). We also updated our DCF model to reflect discounting back to the end of 2019 (from end-2018) to better approximate a one-year target. These changes took our DCF-derived PT to $30 (from $25). We continue to believe the company is doing the right things to strengthen the business, including investing behind core growth franchises, reducing legal liabilities, and strengthening the balance sheet, and are sticking with our Buy rating."

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