Alcon transferred with a Buy at Citi

Citi analyst Veronika Dubajova took over coverage of Alcon with a Buy rating and CHF 80 price target. 2023 should see below-average revenue and earnings growth for the European health care services and medical technology group, with modestly improving surgical procedure volumes offset by consumer softness and above-average wage growth, Dubajova tells investors in a research note. Yet the analyst expects the sector to deliver revenue and earnings growth "meaningfully above" Citi strategists’ market expectations. Dubajova favors "quality growth that is resilient to macro headwinds" or where she sees meaningful mid-term sources of upside.