UPDATE: J.P. Morgan Raises PT on The Cooper Companies to $78

J.P. Morgan is out with its report today on The Cooper Companies COO, raising its PT from $72 to $78. In a note to clients, J.P. Morgan writes, "Cooper shares trade at 11.2x our NTM (next 12 months) estimate on an EV/EBITDA basis (a 1.5-2-point premium to its MidCap MedTech peer group) and 17x our NTM EPS estimate, a 1.5 point premium to MedTech companies of comparable growth profiles. Cooper has made notable progress with its cash flow profile as well as operating margin expansion, which we expect to continue in 2012. We are raising our December 2011 price target from $72 to $78, which is based on 12x our 2012 EBITDA estimate." J.P. Morgan maintains Neutral on COO. Shares of COO closed Thursday at $72.69, down 1.21% from Wednesday's close.