UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT for Cooper Companies

In a company update published earlier today, Citigroup Inc. reiterated its Neutral rating for The Cooper Companies, Inc.

, but slightly lowered its price target from $86.00 to $85.00. Citigroup went on to say “COO reported F2Q12 operating EPS of $1.12, missing the Street and our estimate by $0.08. Lower total revs of $344.6M (-$11M; +6% Y/Y; +7% cc) and a higher tax rate (+190bps; $0.02 to EPS) offset a higher GM (+150bps) leading to the miss vs. our estimate. COO missed both Street/our estimate as investor concerns over FX heading into earnings did come to fruition. FX had a $0.07 EPS hit Y/Y ($4.8M to revs), of which $0.02-0.03 was incremental to FX changes since F1Q12 along with a $0.02 EPS hit from plant shut downs and $0.02 EPS hit from the Avaira Toric recall – overall $0.06-0.07 in EPS hits in F2Q are from these items.” The Cooper Companies, Inc. closed on Friday at $80.06.