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Citigroup Upgrades Alcon

Citigroup upgrades Alcon (ACL) to buy from hold.

Analyst Peter Bye says his upgrade is based largely on clinical checks that give him increased confidence in two of the company's higher profile products: ReSTOR and RETAANE.

He says, if he's correct, these drugs will lead to upward revenue and earnings per share estimate revisions by the Street, raise long-term top- and bottom-line growth rate, and lead to a higher expected multiple.

Bye maintains his $3.32 2005 earnings per share estimate, and raises his $3.95 2006 earnings per share estimate to $4.00. He lifts his $100 price target up to $106.

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