ALC - Alcon rises as Baird upgrades after Q1 beat
2023-05-10 08:10:14 ET
- Alcon Inc. ( NYSE: ALC ) added ~4% pre-market Wednesday as Baird upgraded it to Outperform from Neutral and raised it price target to $90 from $75 per share after the contact lens maker topped Street forecasts with its Q1 2023 financials.
- The analyst Jeff Johnson points out that Alcon ( ALC ) exceeded the firm’s and Street forecasts for adj. gross margin and operating margin while growth in its contact lens business accelerated despite headwinds in the implantable segment.
- The analyst argues that given the potential of surgical and contact lens businesses to remain defensive in the current macroenvironment, “we see a solid path higher for this stock moving forward.”
- Reasoning for the upgrade, Johnson argued that he is more optimistic about the company’s long-term potential for margin improvement due to its Q1 performance for margins and a sequential improvement in the contact lens business.
For further details see:
Alcon rises as Baird upgrades after Q1 beat