Alcon Inc. (ALC) PT Raised to $101 at Needham

Needham analyst David Saxon raised the price target on Alcon Inc. (NYSE: ALC) to $101.00 (from $98.00) while maintaining a Buy rating.

The analyst commented: "Revenue missed consensus on tougher FX while EPS beat consensus despite modestly higher tax. Management reiterated reported financial guidance and raised CC guidance. With two iterations of PanOptix Pro now approved, ALC is working with doctors to identify which to commercialize, which could re-accelerate domestic AT-IOL penetration. A Unity limited launch in 2H24 could start a durable upgrade cycle that should result in sustained Consumables growth. ALC gained contact lens market share Y/Y and its 1Q24 print is a positive read for COO, in our view. Given ALC's revenue growth and margin drivers, we reiterate our Buy rating, and raise our price target to $101 from $98."

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