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Morgan Stanley has upgraded Bausch + Lomb (NYSE:BLCO) to overweight, citing improving margins.
In a note released early Monday, the investment bank said the company’s underlying EBITDA margin is “performing considerably ahead of expectations.”
Morgan Stanley also sees upside risk to 2024 and 2025 growth expectations due to the company’s “strong” pipeline and progress on the drug MIEBO, with 15-20% EPS upside risk into 2025 versus current Street estimates.
The bank added that it was upgrading “given material discount to peers vs. growth and better visibility on execution.”
Morgan Stanley raised its price target on the stock to $18 from $16.
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