Alcon: Berenberg starts coverage with 'hold'
(CercleFinance.com) - Berenberg has begun its coverage of Alcon, the former eye care unit of Switzerland's Novartis, with a "hold" rating and a target price of 55 Swiss francs.
"We like the industry and the company's prospects to turn around growth and margins," the German broker said in a note.
"However, this remains an execution story that will take time to unfold, in our view," it added.
At current levels, the market is giving much of the benefit of the doubt in attaining the group's forecasts, Berenberg said, saying that it would look for better risk-reward opportunities to enter the story.
The Alcon share is currently down 2.6% at 56.5 Swiss francs.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"We like the industry and the company's prospects to turn around growth and margins," the German broker said in a note.
"However, this remains an execution story that will take time to unfold, in our view," it added.
At current levels, the market is giving much of the benefit of the doubt in attaining the group's forecasts, Berenberg said, saying that it would look for better risk-reward opportunities to enter the story.
The Alcon share is currently down 2.6% at 56.5 Swiss francs.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.