Alcon: Market Overlooks the Positives

研报英文原文证据摘录

Alcon: Market Overlooks the Positives

Deutsche Bank

Research

Rating Company Date

Buy Alcon 12 May 2026

Forecast Change

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 11 May 2026 (CHF) 48.75

ALCC.S ALC SW SWX ALCC

Price Target (CHF) 70.00

Healthcare

52-week range (CHF) 80.06 - 49.17

Medical Technologies &

Services

Market Overlooks the Positives

Valuation & Risks

Falko Friedrichs

Summary Takeaway Research Analyst

We believe the investment case remains intact following solid Q1 results. Although +49-69-910-36270

the top line did not meet buy-side expectations, the performance should be

Jan Koch, CFA

sufficient to deliver on full-year guidance. Offsetting this, we note that Alcon was Research Analyst

the only company in our 30-stock sector coverage to raise its adjusted EPS +49-69-910-47428

guidance with its Q1 results, triggering minor consensus upgrades. The company

Fynn Scherzler

also initiated a new $1.5 billion share buyback program, and its many recent

Research Analyst

product launches are ramping up well, set to contribute more meaningfully in the

+49-69-910-40764

coming quarters. Consequently, we view the harsh share price reaction following

the results as overdone. While it may take some time for market sentiment to settle, Sachin Gadilingappa

we expect the stock to recover, and our reduced target price still offers 40% upside Research Associate

potential.

Key changes

Forecast Changes & Valuation TP 77.00 to 70.00 ↓ -9.1%

We have increased our adjusted EPS forecast by 2% for 2026 and the outer years.

DB EPS (USD) 3.39 to 3.44 ↑ 1.5%

However, we are reducing our target price to CHF 70 (from CHF 77), as we have

11,084 to

lowered our target P/E multiple to 22x (from 25x). We believe this multiple, which Revenue (USDm) ↓ -0.2%

11,057