Bernstein Bullish on Alcon's FY26 Earnings Growth Momentum; Outperform Maintained

05:01 AM EST, 12/17/2025 (MT Newswires) -- Bernstein reaffirmed Alcon's (ALC.SW) outperform rating as part of its European Medtech note published Tuesday, anticipating the Swiss eye care products company's product cycle acceleration to continue as it heads into 2026. "While we expect the challenging implantables environment to persist, we anticipate strong growth in both equipment and ocular health driving an acceleration from +4.3% constant currency revenue growth in 2025 to +6.6% in 2026. Furthermore, in line with management commentary, we expect accelerating growth next year to outpace SG&A, implying margin expansion despite headwinds from tariffs and Aurion-related costs," analysts wrote. "With investor confidence dented by the consecutive guidance cuts in 2025, the stock remains a 'show me' story. Continuing strong product launch execution over the coming quarters combined with a gradual recovery in end market growth will be critical to driving a re-rating in 2026." Alcon is projected to see a 7.3% increase in revenue in 2027 at constant currency, higher than the consensus of 6.3%, while its adjusted EPS compound annual growth rate is estimated at 15% over the 2025 to 2027 period. The research firm's price target on the stock stands at 80.70 francs.