Alcon Inc. (ALC) PT Lowered to $88 at Wells Fargo

Wells Fargo analyst Larry Biegelsen lowered the price target on Alcon Inc. (NYSE: ALC) to $88.00 (from $93.00) while maintaining a Equal Weight rating.

The analyst comments "FY25 rev guidance revision on softer cataract mkt & some competitive share loss. Focus ahead on ramping new launches and margin discipline. 2026 consensus sales likely intact, though margin/EPS still seems optimistic. PT to $88. 2025 rev outlook lowered on soft Surgical mkt growth & share loss. ALC lowered rev guidance by ~$100MM to $10.3-$10.4B w/ ex-FX growth of 4-5% vs. prior 6-7%. This guidance implies ex-FX growth accelerates from +3% in 1H to 5-7% in 2H. ALC expects sales growth to be Q4-wtd and pointed to approx 7-9% ex-FX growth. ALC assumes continued softness in global cataract mkt for the rest of the yr. Volumes grew ~1% in Q2 (~2% in TTM), which is below ~4% historical and mgmt assumes LSD mkt growth in 2025. ALC also expects competitive IOL pressures to remain over the next 18-24 months, primarily stemming from new competitive entries such as JNJ's PureSee in Europe. ALC believes it is regaining some share in the US with PanOptix Pro."

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