Cooper Companies (COO) PT Raised to $210 at Jefferies Following Lens Survey
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Jefferies analyst Anthony Petrone reiterated a Buy rating and lifted his price target on Cooper Companies (NYSE: COO) to $210.00 (from $190.00) saying a lens survey showed clariti/MyDay are poised for more gains while Vita is off to a slow start.
Petrone commented, "We conducted a follow-up survey of 52 new optometry practices in order to gauge trends ahead of COO’s F3Q16 (July) print. Key findings are: 1) clariti/ MyDay combo still poised for share gains; 2) JNJ’s Acuvue Vita is off to slow start with a less than 4% uptake; 3) Shift in monthlies is mostly at expense of 2-week lenses; 4) Biofinity appears stable. FX could add up to $0.50 through year-end."
The firm raised Q3 EPS estimates on Cooper Companies from $2.26 to $2.30, FY 2016 EPS estimates to $8.30 to $8.48 and FY 2017 EPS estimates form $9.65 to $9.85.
Shares of Cooper Companies closed at $185.79 yesterday.
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