Berenberg Sees Alcon as 'Best Way' into Ophthalmology Market Exposure; Buy Rating Affirmed

06:19 AM EDT, 09/11/2026 (MT Newswires) -- Berenberg reiterated its buy rating on Alcon (ALC.SW), with a price target of 85 francs, highlighting that the stock is investors' "best way" for exposure to the "attractive" ophthalmology market. "Alcon's shares have declined by c14% ytd, broadly in line with the European med. tech sector. The company's results this year have been solid, particularly in Q2, where group net sales increased by 8%, with operating income up by 17% (9% ahead of consensus). Strength in new products - particularly Unity, PanOptix Pro, and Tryptyr - has underpinned organic growth in Surgical, Implantables, and Ocular Health respectively," the research firm wrote in a Friday note focused on the medical technology/life sciences sector. For 2026, Berenberg forecasts revenue growth of 6.3% on a constant currency basis and a 21.2% EBIT margin for the Swiss eye care company, on the back of operational gearing, growth in its dry eye disease eye drop Tryptyr and sustained sales momentum for Unity VCS. "For 2027E, Alcon trades on c17x P/E and c11x EV/EBITDA. We consider this an appealing valuation for the leading global ophthalmology player with a low-teens EPS CAGR through to 2028, on our estimates," analysts said, noting that a potential key catalyst will be additional details on Alcon's launch of its next-generation IOL platform Vivity into new markets, or a guidance upgrade in its third-quarter 2026 results.