2025-06-17-Bernstein-爱尔康公司（ALC）_爱尔康_爱尔康要实现下半年加速增长需要发生什么_22页_681kb

Alcon Inc (ALC) Analysis

Key Points

• Rating: Outperform with a CHF 91.20 (ALC.U: USD 109) price target.
• Q1 Performance: EPS missed expectations (-3%), leading to a -6.5% share decline due to high prior expectations.
• Q2 Outlook: Weak due to delayed product impacts and higher spending, but downside risk is minimal as expectations reflect this.
• H2 Focus: Equipment/Autonomy and PanOptix Pro are key for growth acceleration.