Bausch Health Soaring On Upgrade By Piper Jaffray

(RTTNews) - Shares of Bausch Health Companies Inc. (BHC) have moved sharply higher over the course of the trading session on Wednesday, surging up by 9.6 percent. Bausch continues to recover after hitting an eight-month closing low on Christmas Eve.

The rally by Bausch comes after Piper Jaffray upgraded its rating on the drugmaker's stock to Overweight from Neutral and raised its price target to $27 per share from $22 per share.

"Though we have been unrelentingly negative on the company for years (at least up until a few months ago), we believe it is time to turn the page following a closer look at the business," said Piper Jaffray's David Amsellem.