From Standard & Poor's Equity Research
Goldman Sachs upgraded Bausch & Lomb (BOL
) to inline from underperform, noting that share prices already reflect collateral damage to the company's U.S. ReNu franchise.
Analyst Lawrence Keusch says a recent Goldman survey of 174 soft contact lens wearers to assess contact lens solutions buying patterns found: awareness of Fusarium keratitis was highest in U.S., Asia ex-Japan; questions in the survey assessing willingness to purchase ReNu products suggest market share erosion in ReNu franchise is largely contained to the U.S.; collateral damage to the U.S. ReNu franchise seems largely reflected in shares. While he sees a lack of catalysts over the next several quarters, he thinks the risk/reward is more balanced given that market share declines seem reflected in the stock.