J.P. Morgan Reiterates Overweight Rating on The Cooper Companies
In a report published Monday, J.P. Morgan & Co. reiterated its Overweight rating on The Cooper Companies (NYSE: COO).
J.P. Morgan noted, “Cooper released an 8K on Friday afternoon highlighting an amendment to its license agreement with CIBA Vision (a division of NOVN, covered by JPMA Alexandra Hauber-Schuele, rated Neutral). Recall that Cooper currently pays Ciba an 8% royalty on all silicone hydrogel lens sales, which dates back to 2007. Cooper, along with J&J's Vistakon unit and Bausch & Lomb (private) were each found to infringe Ciba's Nicholson patents over the past decade, and J&J settled with Ciba back in January of 2011. Cooper indicated in its 8K filing that it has amended the existing patent license agreement, effective January 1, 2013. While the new royalty payment has not been made public, we can assume it is lower given the upward revisions to guidance.”
The Cooper Companies closed on Friday at $92.86.
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