Bausch Health downgraded to Neutral from Overweight at Piper Sandler

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Piper Sandler analyst David Amsellem downgraded Bausch Health (BHC) 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."