Alcon Analysts Increase Their Forecasts Following Q1 Results

Alcon Inc. ALC posted mixed first-quarter financial results, after the closing bell on Monday.

Alcon posted adjusted earnings of 78 cents per share, beating market estimates of 73 cents per share. The company's quarterly sales came in at $2.444 billion, versus expectations of $2.462 billion, according to data from Benzinga Pro.

“Our first-quarter results reflect the outstanding work done by our more than 25,000 associates across both our Surgical and Vision Care franchises,” said David J. Endicott, Alcon’s Chief Executive Officer. “We’re encouraged with the positive momentum we’re seeing across our broad range of products, particularly in our innovative contact lenses, where we saw record sales again this quarter.”

Alcon maintained its FY2024 adjusted earnings forecast of $3.00 to 3.10 per share and sees sales of $9.900 billion to $10.100 billion.

Alcon shares gained 10.7% to close at $89.28 on Tuesday.

These analysts made changes to their price targets on Alcon after the company reported quarterly results.

• Needham raised the price target on Alcon from $98 to $101. Needham analyst David Saxon maintained a Buy rating.
• Stifel increased Alcon price target from $95 to $100. Stifel analyst Thomas Stephan maintained a Buy rating.
• Baird boosted the price target on Alcon from $95 to $104. Baird analyst Jeff Johnson maintained an Outperform rating.

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