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Investors looking for consistency should turn to Alcon , JPMorgan said. The bank upgraded the eye care stock to overweight from neutral on Thursday. It also raised its price target to $89.30 per share from $79.80. JPMorgan’s forecast implies roughly 11% upside from Wednesday’s $80.24 close. JPMorgan’s call comes after Alcon — which makes Opti-Free contact lens solution — reported better-than-expected second-quarter results on Wednesday. The company also raised its full-year earnings guidance. However, the stock only rose marginally on the back of that report. But analyst David Adlington says that even though shares failed to meaningfully pop after the earnings beat, the company has several growth drivers elsewhere, including in its implantable segment and overall higher equipment volume. “We acknowledge this reporting season has seen a lot of share prices in the sector struggle even with ‘beats & raises’ – but there had been a lot of anticipation built in elsewhere,” Adlington said. “The positive earnings’ momentum looks set to continue.” Alcon stock has added more than 17% in 2023. ALC YTD mountain Alcon year to date. — CNBC’s Michael Bloom contributed to this report.
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