BUZZ-RBC ups Ray-Ban maker EssilorLuxottica on promising growth in ophthalmology
** RBC upgrades Franco-Italian eyewear maker EssilorLuxottica ESLX.PA to "outperform" from "sector perform" citing strong fundamentals and significant growth opportunities in the ophthalmology market
** RBC estimates the total addressable market (TAM) for ophthalmology to be valued at $36 billion, excluding the pharmaceutical sector, with expected growth of 3-5% annually
** It says Essilor will primarily expand in subcategories like contact lenses, surgery, and diagnostics
** "One percentage point of market share gained in this new segment would offer $210m (or 0.8%) revenue uplift on our estimates," RBC says
** It notes an opportunity for Essilor is the potential acquisition of contact lens maker Bausch + Lomb BLCO.TO, which is officially up for sale as of December
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