Morgan Keegan Maintains Outperform on Cooper Companies (COO)

Morgan Keegan is out with its report today on Cooper Companies COO, maintaining Outperform. In a note to clients, Morgan Keegan writes, "With Cooper's 1Q earnings to be announced on March 3, we expect no downward revision to management's fiscal 2011 EPS guidance of $3.30-$3.50 following the implementation of the Puerto Rican excise tax. Although we estimate that the Puerto Rico excise tax could have a $0.04 impact on 2011 EPS, management's guidance already included the impact. In addition, the December debt refinancing, which we estimate was $0.08 accretive to fiscal 2011, should more than offset the excise tax and was not in management's guidance. There is no change to our estimates, $65 price target and Outperform rating." Shares of COO closed Tuesday at $61.77, down 0.08% from Monday's close.