H.C. Wainwright analyst Yi Chen reiterated a Buy rating and $23.00 price target on Bausch & Lomb Corp. (NYSE: BLCO).

The analyst commented: "Bausch + Lomb is slated to report 4Q and full-year 2024 financial results tomorrow. We expect foreign exchange to have a negative impact on 2024 and 2025 revenues. Therefore, we have lowered our 4Q and FY2024 revenue projections to $1,261M and $4,772M, respectively. Accordingly, our estimated 4Q and FY2024 adjusted EBITDA have been lowered to $251M and $852M, respectively. Our 2025 revenue projection has also been lowered to $5,015M. Of note, the company recently announced that the process of having a third-party buyer taking Bausch + Lomb private in order to achieve full separation from Bausch Health Companies (BHC; not rated) did not result in a transaction at this time. The company would continue to operate as its own entity and execute on its strategies and business plan. Looking forward to the FY2024 earnings release, we reiterate our Buy rating."

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Shares of Bausch & Lomb Corp. closed at $16.41 yesterday.