Lensar downgraded to Hold from Buy at Lake Street

Lake Street analyst Frank Takkinen downgraded Lensar (LNSR) to Hold from Buy with a price target of $15, down from $16, after Alcon (ALC) announced the acquisition of Lensar for $14.00 per share in cash, with an additional contingent value right of up to $2.75 per share tied to procedure-based milestones. The firm expects the acquisition to close as is, given the “reasonable valuation,” but if a higher bid came in it would expect it would need to be $18-plus per share.