UPDATE: BMO Capital Markets Raises PT on The Cooper Companies Following FY2Q13 Results

In a report published Friday, BMO Capital Markets analyst Joanne K. Wuensch reiterated an Outperform rating on

, and raised the price target from $120.00 to $130.00. In the report, BMO Capital Markets noted, “COO reported FY2Q13 results that missed on the top line, but beat on the bottom. Revenue of $384 million (up 11.4%, up 15.2% ex-fx, up 9.4% organic) was slightly below the Street's $389 million, but gross margins increased by a whopping 220 bps to 66.2% from 64.0% y/y (and 63.3% q/q), driving operating margins up to 21.2% from 19.0% y/y (and 18.3% q/q). EPS of $1.50 (up 33.9%) surpassed the consensus' $1.38, including $0.07 from a lower-than-expected tax rate. Also, management announced the private label launch of its one day SiH MyDay lens.” The Cooper Companies closed on Thursday at $113.13.