UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Cooper Companies

In a report published Friday, Citigroup reiterated its Neutral rating on Cooper Companies COO, and raised its price target from $85.00 to $92.00. Citigroup noted, “COO reported F3Q12 operating EPS of $1.45, beating the Street by $0.16 and our estimate by $0.17. Higher total revs of $378.2M (+$14M; +8% Y/Y; +9% org.), a higher GM (+20bps), and a lower tax rate (-490bps; +$0.07 to EPS) more than offset slightly higher opex (+$1.6M) leading to the beat vs. our est. COO beat both Street/our estimate as it continues to outpace market growth and benefits from GM expansion and the Origio acquisition ($5.6M; no impact to EPS) offsetting FX headwinds, which impacted revenue by $14M and EPS by $0.18.” Cooper Companies closed on Thursday at $86.03.