Wells Fargo analyst Larry Biegelsen maintained a Buy rating on Alcon (ALC – Research Report) yesterday and set a price target of $89.00.
Larry Biegelsen has given his Buy rating due to a combination of factors including Alcon’s (ALC) solid performance and the expectation of sustained growth momentum despite foreign exchange headwinds. Alcon is anticipated to maintain its guidance excluding the impact of foreign exchange, signaling confidence in the company’s underlying business strength. Furthermore, Biegelsen’s analysis suggests that Alcon will continue to outperform its competitors in the surgical sector and contact lens market, reinforcing the optimism for the stock’s prospects.
The Buy rating also takes into account the detailed forecasts that suggest Alcon’s sales and EPS estimates are reasonable even though they are slightly below consensus. This cautious optimism is reinforced by Biegelsen’s projection that Alcon will experience a stronger equipment upgrade cycle, and the company’s strategic wins, such as the Value-Based Procurement (VBP) success in China’s intraocular lens market, are expected to serve as additional tailwinds throughout 2024. Despite the increased foreign exchange headwinds, the company’s expected performance relative to its peers and the intact guidance excluding foreign exchange effects contribute to the Buy rating.
In another report released on May 5, Jefferies also maintained a Buy rating on the stock with a $100.00 price target.
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Alcon (ALC) Company Description:
Alcon Inc. is a medical company which is specialized in eye care products. The company develops, manufactures, distributes, and sells technologies and devices for cataract, retinal, refractive surgery, as well as contact lenses and lens care products.
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