Wells Fargo analyst David Maris says Bausch Health’s Q4 results and 2019 outlook further support his negative outlook on the shares. The analyst keeps an Underperform rating on the name with a $9 price target. The stock closed yesterday at $24.05. Bausch is still not willing to abandon its guidance of doubling Dermatology sales by Q3 of 2022, Maris tells investors in a post-earnings research note. The analyst, however, continues to see “little chance” the company will add $740M in Derm sales between now and then, “especially as the business continues to decline.” Further, Bausch mentioned several times on the conference calls that it had successfully reduced debt, but the company failed to mention that its debt to EBITDA ratio actually worsened slightly in 2018, Maris adds. Further, he points out that in discussing the balance sheet and capacity for deals going forward, Bausch’s CFO stated, “We are an over-levered company.” Maris continues to think Bausch shares are “overvalued” and that its pipeline and recently launched products are “underwhelming.” He sees “significant risks” to the stock at current levels.