JPMorgan took a bullish move on shares of Cooper Companies (NASDAQ:COO) on Wednesday, upgrading the stock from Neutral to Overweight and raising its price target to $120 from the previous $100. The company analyst highlighted Cooper’s consistent revenue growth and its conversion into profit as the key reasons for the rating upgrade.
Cooper Companies has delivered commendable results in recent quarters, with its contact lens division CooperVision (CVI) consistently outperforming the market. The growth is attributed to favorable market trends, pricing strategy and success in high-growth segments, as well as the introduction of new products. The company’s surgical business, especially the fertility segment, also contributed to its positive trajectory with sustained double-digit growth.
The analyst expressed confidence in Cooper’s financial management, noting the company’s commitment to delivering predictable and improved reporting results. The start to fiscal 2024 was promising and there is confidence that management is committed to improving profitability and predictability.
The improved outlook for Cooper companies is also supported by a more stable macroeconomic environment, which allows for greater focus on company fundamentals.
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