Harrow: The Q2 Turnaround Is Enough For A Cautious Buy

Harrow is upgraded from Hold to a cautious Buy, driven by Q2 executional improvements and better visibility on operating leverage. VEVYE's revenue and economics have improved, while IHEEZO delivered record demand despite reimbursement headwinds, supporting the growth thesis. I model $490M in 2027 revenue and a 4.5x EV/sales multiple, yielding a $52 price target—about 33% upside from current levels.