Wells Fargo analyst Larry Biegelsen started coverage of Alcon (ALC) with an Outperform rating and $66 price target following the spinoff from Novartis (NVS). The analyst believes the shares will trade at a premium to Alcon’s large-cap medtech peers based on its leadership position in the $23B ophthalmology device market and an attractive financial profile with mid-single-digit sales growth, major margin expansion potential, and double-digit EPS growth beyond 2020. Biegelsen expects new products like PanOptix trifocal IOL, Dailies Total 1 toric, and Precision 1 to drive sales growth acceleration toward 2023.
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