Piper Jaffray analyst David Amsellem is "staying bullish" on Bausch Health Companies after bring an investor group to meet with management at the company's headquarters. The analyst continues to believe that visibility into Bausch's longer-term EBITDA growth of at least in the mid-single digits is high, with key drivers including Xifaxan growth and contribution from new products. That translates into an attractive risk/reward profile at current valuation levels, Amsellem tells investors in a research note. He reiterates an Overweight rating on Bausch Health with a $28 price target.

Bearish flow noted in Bausch Health with 3,560 puts trading, or 1.6x expected. Most active are Jun-25 7 puts and Jul-24 8 puts, with total volume in those strikes near 2,800 contracts. The Put/Call Ratio is 2.60, while ATM IV is up over 1 point on the day. Earnings are expected on May 2nd.