Alcon Inc. (ALC) PT Raised to $98 at Needham, 'upcoming launches could result in growth accelerating into year-end'

Needham analyst David Saxon raised the price target on Alcon Inc. (NYSE: ALC) to $98.00 (from $86.00) while maintaining a Buy rating.

The analyst commented: "ALC's 4Q23 revenue was in line with consensus while EPS beat consensus, and its 2024 financial guidance was slightly above consensus. ALC has a meaningful opportunity to drive penetration in the AT-IOL market in China, which we estimate is ~$140M and where ALC is meaningfully under-indexed. Equipment growth is expected to be flat in 2024 but upcoming launches could result in growth accelerating into year-end and should drive Consumables growth. We reiterate our Buy rating, and we raise our price target to $98 from $86."

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