The bank upgraded the eye care stock to overweight from neutral on Thursday
. It also raised its price target to $89.30 per share from $79.80. JPMorgan's forecast implies roughly 11% upside from Wednesday's $80.24 close. JPMorgan's call comes after Alcon — which makes Opti-Free contact lens solution — reported better-than-expected second-quarter results on Wednesday. The company also raised its full-year earnings guidance. However, the stock only rose marginally on the back of that report.
But analyst David Adlington says that even though shares failed to meaningfully pop after the earnings beat, the company has several growth drivers elsewhere, including in its implantable segment and overall higher equipment volume. "We acknowledge this reporting season has seen a lot of share prices in the sector struggle even with 'beats & raises' - but there had been a lot of anticipation built in elsewhere," Adlington said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan ChaseA Fitch Ratings analyst warned that the U.S. banking industry has inched closer to another source of turbulence — the risk of sweeping rating...
Read more »
JPMorgan hikes EM default forecast as Country Garden drives China contagion fearsJPMorgan expects the China property sector to account for nearly 40% of all high yield default volumes in emerging markets in 2023.
Read more »
JPMorgan hikes default forecast for emerging markets as Country Garden drives China contagion fearsJPMorgan expects the China property sector to account for nearly 40% of all high yield default volumes in emerging markets in 2023.
Read more »
Pacific Northwest heat wave could break temperature records through ThursdayTemperatures will linger in the triple digits for parts of California, Oregon, Washington, Idaho and Montana this week, with little relief coming at night.
Read more »