Alcon initiated with an Outperform at Bernstein

Bernstein analyst Susannah Ludwig initiated coverage of Alcon with an Outperform rating and $94.40 price target. Ophthalmology is an attractive $34B market with growth rates in the mid-single digits across products that range from the clinic to the operating room to the pharmacy, the analyst tells investors in a research note. The firm says Alcon is the dominant player with a number one position in the $13B surgical market and a number two position in the $11B contact lens market. The company is set to benefit from its leading position and strong innovation in markets with high unmet need and low penetration, contends Bernstein.