Investors should buy Bausch Health Companies as shares can more than double from here, Jefferies said.
Bausch Health is embroiled in a legal battle over Xifaxan, its drug for irritable bowel syndrome with diarrhea, to prevent generics from entering the market.
Bausch Health has been hoping to spin off its valuable vision care unit, Bausch + Lomb, for several years.
Bausch Health shares are higher this year by more than 22%.
The analyst cited other reasons why Bausch Health shares will get a boost.
Persons:
Jefferies, Glen, mgt, Santangelo, Bausch, — CNBC's Michael Bloom
Organizations:
Health Companies, Health, Bausch Health, FDA
Locations:
Xifaxan, Norwich, Bausch, New Jersey