In a report published on Monday, JP Morgan analyst Kimberly Gailun raised the price target on The Cooper Companies COO from $114.00 to $120.00 and maintained an Overweight rating.
In the report, JP Morgan noted, "We expect a solid top and bottom line from Cooper in early June. On the top line, our sales estimate of $390M is in line with consensus, calling for 10% organic growth, following 12% growth in 1Q13. In light of currency (we forecast a 300bp headwind to sales) we don't see a lot of reported upside to this number but think Cooper could beat the Street on an organic basis. Within CooperVision, the comp eases sequentially, particularly against the soft April seen last year. On the other hand, we think 1Q CVI sales growth (+14%cc) benefitted from the anniversary of lower distributor buy-ins in F1Q12. As such, we expect CVI growth to moderate slightly in F2Q to +10%, driven by continued strength from Biofinity."
The Cooper Companies traded at 11.42 at the time of publishing.
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