H.C. Wainwright analyst Raghuram Selvaraju upgraded Bausch Health Companies to Buy from Neutral and raised his price target for the shares to $58 from $25. The company formerly known as Valeant Pharmaceuticals closed yesterday down 48c to $23.65. Now is an “appropriate time to become more bullish on the story,” Selvaraju tells investors in a research note. The analyst sees “continued evidence” that Bausch’s organic growth should have a substantial impact on the company’s debt-to-EBITDA ratio, and thus make it a less leveraged company. The market has “underrated and underappreciated the tuck-in and complementarity-driven developments” of the past several months, which have gradually begun to position Bausch Health more strongly in several core markets, says Selvaraju. The analyst points to the launches of Altreno and Bryhali and the inclusion of Doptelet, a drug complementary to Xifaxan.
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