Alcon price target lowered to $86 from $98 at Needham

Needham analyst David Saxon lowered the firm’s price target on Alcon to $86 from $98 but keeps a Buy rating on the shares. The company’s Q3 revenue missed consensus but earnings met estimates despite the larger currency headwinds, the analyst tells investors in a research note. Alcon continued to gain contact lens market share with Ocular Health mix driving segment margins higher however, and despite greater currency headwind, the company should see double-digit earnings growth over the next couple of years, Needham added.