BofA lowered the firm’s price target on Bausch Health (BHC) to $5 from $7 and keeps an Underperform rating on the shares. The firm, in its preview of Q1 EPS updates for its commercial-stage biopharma coverage, notes that Q1 generally tends to be the “messiest” quarter for the group given seasonal factors and many companies tend to “get a pass” on the assumption growth and full year results will be second half weighted, adding that it thinks Q1 results “may take a ‘back seat’ to macro concerns around pharma tariffs.”
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