Cooper Exceeds Morgan Keegan's Estimates, New PT

Morgan Keegan has published a research report on Cooper Companies, Inc. COO after the company's 4Q results exceeded expectations. In the report, Morgan Keegan writes "Cooper reported 4Q results that significantly exceed our and consensus estimates. Sales were $313 mn (MK $299 mn, Street $298 mn) and EPS was $1.09, $0.21 ahead of our estimate. In our opinion, management delivered a very strong quarter reflecting market share gains, expansion in operating margin and robust FCF generation, all of which are central to our positive thesis. Moreover, management provided 2011 guidance that was above consensus, with sales of $1.25-$1.28 bn (consensus $1.21 bn) and EPS guidance of $3.30-$3.50 (consensus $3.23). Importantly, we believe that there could be upside to operating margin guidance." Morgan Keegan maintains its Outperform rating and has raised the price target from $55 to $64. Cooper Companies, Inc. closed yesterday at $53.56.