Alcon a buy at Mizuho on 'eyecare dominance'
Dec. 22, 2022 10:54 AM ETAlcon Inc. (ALC)By: Jonathan Block, SA News Editor
- 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.