Valeant Pharmaceuticals Intl Inc (NYSE:VRX) wholly owned subsidiary, Bausch + Lomb, a leading global eye health company, today announced that Bausch + Lomb contact lens solutions have been named the most trusted contact lens solution brand for the second consecutive year in Canada by BrandSpark International.
The 2017 BrandSpark Most Trusted Awards were given based on the results of a survey of more than 20,000 Canadians. According to the results of the survey, the main reasons consumers shared that they trust Bausch + Lomb was due to the high level of performance and quality experienced using the company’s contact lens solutions, such as Biotrue® and renu® multi-purpose solutions, as well as the amount of recommendations received from their optometrists to use the products in their contact lens care regimen.
“To be recognized by consumers as their most trusted contact lens solution brand for the second year in a row is quite an honor and accomplishment for Bausch + Lomb,” said Joseph C. Papa, chairman and CEO of Valeant. “It is a testament to the company’s continued commitment to providing innovative eye care technologies that meet the needs of customers and their patients, and a reflection of the value our dedicated team brings to work each day as they fulfill Bausch + Lomb’s mission of protecting, enhancing, and restoring people’s eyesight around the world.”
The survey asked participants to name their most trusted brands in the consumer packaged goods industry. The open-text responses and reasons for trusting those brands were analyzed by BrandSpark researchers and ranked based on the greatest volume of mentions.
Shares of Valeant closed yesterday at $13.68, up $0.53 or 4.03%. VRX has a 1-year high of $32.75 and a 1-year low of $8.31. The stock’s 50-day moving average is $12.58 and its 200-day moving average is $12.91.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report released yesterday, Mizuho analyst Irina Rivkind Koffler reiterated a Sell rating on VRX, with a price target of $8.00, which reflects a potential downside of 42% from last closing price. Separately, on June 19, Wells Fargo’s David Maris maintained a Sell rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Irina Rivkind Koffler and David Maris have a yearly average return of 19.2% and 7.1% respectively. Koffler has a success rate of 54% and is ranked #109 out of 4579 analysts, while Maris has a success rate of 52% and is ranked #1137.
Overall, 3 research analysts have rated the stock with a Sell rating, 9 research analysts have assigned a Hold rating and 2 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $13.67 which is -0.1% under where the stock closed yesterday.
Valeant Pharmaceuticals International, Inc. engages in the development, manufacture, and market of a broad range of pharmaceutical products in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. It operates through the following segments: The Bausch + Lomb/International, The Branded Rx, and The U.S. Diversified products.