Alcon price target lowered to $85 from $91 at BTIG

BTIG analyst Ryan Zimmerman lowered the firm’s price target on Alcon to $85 from $91 and keeps a Buy rating on the shares after the company delivered about 9% constant-currency growth on slower demand for Surgical offset by solid Vision Care sales. Results aside, the outlook for FY24 is “less clear at this point,” says the firm, which is sticking with its Buy thesis as it believes Alcon’s end markets will prove more resilient but trimming it target to account for the heightened risk into FY24 as MedTech names carry lower valuation multiples.