Bausch Health downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst David Amsellem downgraded Bausch Health to Neutral from Overweight with a price target of $30, up from $25. With the shares up 25% year-to-date, the analyst took a fresh look at the two entities that will be created as a result of the split of Bausch into a stand-alone eye care business and a pharmaceutical business. The visibility into the sustainability of cash flows for remaining company “gives us pause,” Amsellem tells investors in a research note. As such, the analyst does not envision “major value creation from current levels.”