Bank of America has upgraded its rating on Alcon (ALC, Financial), a leading medical device and pharmaceutical company, from neutral to buy. The upgrade is attributed to the company being on the cusp of an earnings upgrade cycle driven by new product launches.
The bank has also raised its price target for Alcon's stock from $92 to $108 per share, suggesting a potential upside of approximately 17% from its recent closing price of $92.35. Analyst Julian Wadhwa noted that the current valuation appears attractive, as the stock is trading below its long-term average levels.
Several factors are expected to drive Alcon's growth, particularly the introduction of a series of new products throughout the year. These developments are anticipated to enhance the company's earnings potential and market position.
