Alcon: Solid Q2 Results Despite Foreign Exchange Headwinds, Adjusted Growth and Margin Meet Targets

Narrow-moat Alcon continued its strong start to the year as the company benefited from portfolio growth in contact lenses (Total1 for astigmatism, Total30) and cataract procedure recovery in international markets. Though top-line numbers were affected by currency headwinds, leading management to slightly lower guidance for the remainder of the year, we are maintaining our fair value estimate at $53, and shares look moderately overvalued in our view.