Piper Jaffray analyst David Amsellem said he continues to have a high degree of confidence in Bausch Health's longer-term EBITDA durability as well as its potential for meaningful growth and he thinks it is reasonable to expect further multiple expansion given that Xifaxan and Trulance give it "a growing and durable" gastroenterology franchise and its Dermatology segment is positioned for meaningful growth now that it has finally hit a trough. While he admits that Bausch is still "highly levered," Amsellem does not view the capital structure as "problematic" or a barrier to further value creation, he tells investors. He keeps an Overweight rating on Bausch shares and increased his price target on the stock to $39 from $30.