Alcon upgraded to Hold from Sell at Societe Generale

Societe Generale analyst Delphine Le Louet upgraded Alcon to Hold from Sell with a price target of CHF 66.90, up from CHF 60.20. Despite "poor" U.S. performance due to supply chain issues, medical staff shortages and inflationary pressure on vision care, the overall FY22 "picture was positive" as demand returned to pre-COVID levels. 2023 "should be seen as a transitional year" given ongoing supply chain issues and tough comps, but the upcoming Capital Markets Day in late March "should reassure on some elements," the firm added.