UPDATE: JP Morgan Reiterates The Cooper Companies at Overweight Post Model Update
JP Morgan reiterated its Overweight rating on The Cooper Companies (NYSE: COO) and maintained its price target at $106.
JP Morgan commented, "We are updating our Cooper model to reflect the company's revised royalty agreement with Ciba, announced on December 21. For FY13, we are raising our EPS estimate by $0.15 to $6.00, including quarterly estimates of $1.20, $1.41, $1.65, and $1.74. Looking out to FY14, we are lifting our EPS forecast to $6.68 versus our prior $6.51 estimate, in both cases reflecting a lower royalty rate to Ciba on silicone hydrogel lens sales, offset in part by incremental investment in the business."
The Cooper Companies closed at $91.89 on Wednesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.