Stifel Reiterates Buy on Cooper Cos. (COO) Following In-Line 3Q
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Stifel reiterated a Buy rating and $215.00 price target on Cooper Companies (NYSE: COO) following the company's 3Q earnings report. COO reported revenues of $515MM, essentially matching $511MM estimates. EPS was $2.30, slightly below $2.34 estimates. On the conference call, management clarified concerns about weakness in July, talked to ongoing APAC traction, and the disappointing CSI GM should represent the trough.
Analyst Jonathan Block commented, "Cooper reported an in-line quarter with revenue and EPS of $515MM and $2.30, respectively, essentially matching our $511MME and $2.34E. The company beat our operating income estimate by $1MM (better CVI offset CSI), but higher interest expense caused the modest $0.04 EPS miss. CVI constant currency growth of +6% y/y was as expected as APAC led the way (+16%). While Cooper’s fiscal quarter (ends in July) and the industry market share data (ends in June) implied that trends weakened in July, management noted 19 business days this July versus 22 a year ago. Fiscal 4Q16 should benefit from an extra day. Overall, we continue to believe that Cooper is well positioned with one of the strongest daily portfolios, and a refreshed frequently replaced modality (FRP; two-week and monthly) with Avaira Vitality and Biofinity Energys. Additionally, CSI traction continues and while GM of 61.2% was below our 63.5%E, management noted that the F3Q16 margin was likely a low point for the division. Our recently raised estimates remain unchanged."
Shares of Cooper Companies closed at $185.37 yesterday.
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