ALC - Alcon a buy at Mizuho on 'eyecare dominance'
- Mizuho has initiated Alcon ( NYSE: ALC ) with a buy saying that eyecare company is a recession hedge as the company is the No. 2 player in the global contact lenses market and No. 1 in cataract implants.
- The firm has a $85 price target (~24% upside based on Wednesday's close).
- Analyst Anthony Petrone said the contact lenses and cataract implants markets have been somewhat counter-cyclical in prior economic downturns.
- He added that Rhopressa and Rocklatan, two key assets from Alcon's ( ALC ) acquisition of Aerie, is seeing strong weekly prescription growth.
- Petrone noted that Alcon ( ALC ) should see $100M in savings from a restructuring program begun this year.
- Read why Seeking Alpha contributor Mike Zaccardi considers Alcon ( ALC ) a buy.
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Alcon a buy at Mizuho on 'eyecare dominance'