Morgan Keegan Raises Price Target on Cooper Co. (COO), Sees Sell Off as Well Overdone

Morgan Keegan notes that the 8.2 percent fall in shares of Cooper Companies (NYSE: COO) yesterday was well overdone and other investors agree as shares are up 2.9 percent on the day to $74.24.

Shares fell yesterday following an MSNBC story on Avaira Toric Lenses, which the firm called no new news. An analyst at Morgan Keegan spoke with management at Cooper and reported that they found no significant new information on the recall notice.

Morgan claims that even if the FDA does broaden the dissemination of the recall notice, the situation will continue to be manageable.

The firm is reaffirming its Outperform rating on shares of COO and is raising its price target from $85 to $95.

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