Bank of America Securities analyst Travis Steed reiterated a Sell rating on Bausch + Lomb Corporation yesterday and set a price target of $15.00.
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Travis Steed has given his Sell rating due to a combination of factors related to both fundamentals and structure. While Bausch + Lomb modestly exceeded revenue expectations and is seeing healthy growth in its contact lens franchise, profitability is lagging, with gross margins coming in below market forecasts and valuation already embedding much of the medium-term growth and margin improvement.
Another key concern is the ongoing uncertainty around the timing and mechanics of Bausch Health’s full separation from Bausch + Lomb, which Steed views as a persistent overhang on the stock. Although management’s longer‑range plan and pipeline appear on track, including Project Halo and new product launches, Steed believes these positives are offset by execution risk and the unresolved parent-company dynamics, leading him to maintain an Underperform view and a price objective below the current share price.