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Baird Cuts Bausch & Lomb to Neutral

Robert W. Baird downgraded Bausch & Lomb (BOL) to neutral from outperform, after the company said Monday that it agrees to temporarily suspend U.S. shipments of its ReNu with MoistureLoc lens care solution.

Analyst Suey Wong says initial conversations with cornea specialists led him to believe it was unlikely Bausch & Lomb's lens care solution was associated with recent uptick of fungal infections. It now appears likely such an association exists. He cuts his 2006 and 2007 earnings per share (EPS) estimate to $2.65 and $2.96, respectively, excluding likely investigation expenses. He believes the investigation will take time. He cut his stock price target to $48.

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