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JPMorgan made a bullish move on Cooper Companies (NASDAQ:COO) on Wednesday, raising the stock from Neutral to Overweight and raising its price target to $120 from $100 previously. The company’s analyst highlighted Cooper’s steady revenue growth and its translation into profit strength as key reasons for the upgrade.
Cooper Companies has shown commendable performance in recent quarters with its contact lens division, CooperVision (CVI), consistently outperforming the market. The growth is attributed to favorable market trends, pricing strategies and success in high-growth segments, as well as new product adaptations. The company’s surgical business, particularly the Fertility segment, also contributed to its positive trajectory with sustained double-digit growth.
The analyst expressed confidence in Cooper’s financial management, highlighting the company’s focus on delivering predictable and improved results. The start to fiscal 2024 has been promising and management is believed to be committed to driving profitability and predictability.
The improving outlook for Cooper Companies is further supported by a more stable macroeconomic environment, which allows for a greater focus on company fundamentals.
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