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Goldman Reduces Bausch & Lomb to 'In-Line'


Goldman Sachs downgraded Bausch & Lomb (BOL) to in-line from outperform.

Analyst Lawrence Keusch says although he still expects cost cutting to remain on track, shares now trade within 1% of the estimated $40 fair value as determined by a 10-year discounted cash flow analysis. He says shares now are meaningfully ahead of the medical device group's average of 14%.

However, Keusch still expects Bausch & Lomb to meet or exceed the $2.08 2003 earnings per share estimate, based on operational outperformance and the benefits of foreign-exchange rates. Nonetheless, with few near-term catalysts, and with the stock having reached its estimated fair value, Keusch says he now expects the shares to perform in line with his covered universe.


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