Wells Fargo analyst Larry Biegelsen has maintained their bullish stance on COO stock, giving a Buy rating on February 21.
Larry Biegelsen has given his Buy rating due to a combination of factors surrounding The Cooper Companies, Inc. (COO). Primarily, the analyst foresees a favorable first quarter, with sales growth projections aligning with the company’s plans and potentially surpassing its full-year guidance for FY24. This optimism is underpinned by the rapid scaling of MyDay manufacturing, the strong performance of recently acquired Cook assets, a robust In Vitro Fertilization (IVF) market, and the possibility of interest rate cuts, which may collectively outweigh the negative impacts of foreign exchange headwinds.
Furthermore, Biegelsen’s analysis suggests that Cooper’s contact lens business, CooperVision, is set to continue its outperformance relative to competitors, buoyed by industry dynamics and potential capacity expansions. The CooperSurgical segment is also expected to contribute positively, with market share gains in the IVF space. Despite anticipating a more significant foreign exchange impact than company guidance suggests, Biegelsen believes that Cooper’s focus on earnings per share execution and operational upsides mentioned in his forecast will enable the company to mitigate some of these additional headwinds, thus supporting the Buy rating.
In another report released on February 21, Piper Sandler also maintained a Buy rating on the stock with a $110.00 price target.
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Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of COO in relation to earlier this year.
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Cooper Co (COO) Company Description:
The Cooper Cos, Inc. operates as a medical device company. It operates through the following business units: Cooper Vision and Cooper Surgical. The Cooper Vision business unit brings a refreshing perspective on vision care with a commitment to crafting quality lenses for contact lens wearers. The Cooper Surgical business unit focuses on supplying women’s health clinicians with market medical products and treatment options to improve the delivery of healthcare to women. The company was founded in 1958 and is headquartered in San Ramon, CA.
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