UPDATE: Citi Raises PT on Cooper Companies to $78

Citi is out with its report today on Cooper Companies COO, raising its PT from $68 to $78. In a note to clients, Citi writes, "Our F2011E EPS increased to $4.20 (from $4.00) and to $4.75 (from $4.30) for F2012E. Our revised $78 price target (from $68) is based on an increased 16x P/E multiple (from 15x) on our revised C2012 EPS of $4.90 (from $4.53). EPS estimate increases were driven by improved visibility on top and bottom line growth from new product launches and operating leverage along as COO takes advantage of uncertainty in the competitive landscape." Citi maintains Hold on COO. Shares of COO closed Thursday at $72.69, down 1.21% from Wednesday's close.