Cooper Companies (COO) PT Raised to $475 at Stifel

Stifel analyst Jonathan Block raised the price target on Cooper Companies (NYSE: COO) to $475.00 (from $450.00) while maintaining a Buy rating.

The analyst commented, "COO reported F3Q21 revenue upside in both divisions and better-than-expected EPS. Additionally, management again walked up FY21 revenue guidance but EPS of $13.20-$13.40 remained unchanged as FX moved against the company by ~$0.14 since the F2Q21 call. While a subset of investors may have been looking for an EPS raise (stock essentially sitting at all-time-high) many bullish data points/events are on the horizon that keep us excited. Specifically, we point to an industry that should benefit from the broad global reopening trade; a FY22 Myopia Management portfolio that should be basically breakeven with ramping accretion in years thereafter; a handful of new CVI products poised to be released in coming years; a potentially favorable China/MiSight distribution announcement; a CSI portfolio that continues to strengthen across several product lines; and improving FCF. These tailwinds compare to a stock sitting at only a modest P/E premium to S&P versus its 3-year average."

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