Alcon price target raised to $105 from $94 at Wells Fargo

Wells Fargo analyst Larry Biegelsen raised the firm’s price target on Alcon to $105 from $94 and keeps an Overweight rating on the shares. The firm notes Alcon’s 2024 guidance remains unchanged for ex-Fx sales growth and implies limited quarter-over-quarter op margin improvement, which absorbs a one-time $30M margin HW in Q2. Wells sees some upside behind lower FX HW in the second half of the year. Unity VCS limited launch is underway, it adds.