J.P. Morgan Raising Price Target On The Cooper Companies

J.P. Morgan Chase & Co. is raising its price target on The Cooper Companies, Inc. COO to $55 from $48, but is keeping its Neutral rating on shares. In a note sent to investors, J.P. Morgan writes, "Cooper reported a strong 4Q result, with sales of $313M up 11% YOY and topping our forecast and Street consensus by $14M. On the bottom line, GAAP EPS of $1.03 topped our forecast by $0.16 while adjusted EPS was $0.22 above our estimate and Street consensus. Non GAAP operating margin of 21% was 270bps above our forecast, driven by lower SG&A spending versus our model. Below the operating line, Cooper benefited from a lower than expected tax rate at 14%." Shares of COO gained $2.44 in after-hours yesterday to close at $56.00.