Deutsche Bank upgraded Alcon to a 'buy' rating from 'hold,' raising its price target to CHF77 from CHF69. Analyst Falko Friedrichs projects 25% upside, citing expectations for stronger organic sales growth and margin expansion. The Swiss eye care leader is forecast to see growth reaccelerate in 2026, driven by new product launches.

The bank's models point to double-digit adjusted EPS growth for 2026 and the medium term, exceeding consensus estimates. Growth is expected to be front-loaded, particularly in the first half, due to softer year-over-year comparables. This positioning makes Alcon a rare case in the sector where growth is not heavily weighted toward the year's end.

The valuation, based on a discounted cash flow model and a 25x target price-to-earnings multiple, is at the lower end of Alcon's historical 23x to 30x range. Investors will watch upcoming earnings for confirmation of the growth trajectory and any updates on the new product pipeline that underpins this bullish forecast.