Buy Rating Affirmed for Cooper Companies, Inc. on Optimistic FY2024 Outlook and Strategic Market Positioning

In a report released yesterday, Larry Biegelsen from Wells Fargo maintained a Buy rating on Cooper Co (COO – Research Report), with a price target of $110.00.

Larry Biegelsen has given his Buy rating due to a combination of factors indicating a strong outlook for Cooper Companies, Inc. (COO). The management’s optimism for the fiscal year 2024 is underpinned by anticipated durable sales growth and an emphasis on improving profit margins. COO’s management is confident in meeting or surpassing current market expectations for the second fiscal quarter, with the potential for double-digit sales growth in its contact lens segment, driven by increased manufacturing capacity and enhanced logistics.
Furthermore, COO’s strategic focus on high-growth segments such as daily silicone hydrogel, toric/multifocal lenses, and myopia control, positions it well to outperform the market. The only FDA-approved myopia control contact lens, MiSight, is gaining momentum with significant sales growth and could see further approval in the second half of 2025. While acknowledging potential competition and market volatility, COO’s proactive management and focus on long-term financial targets, coupled with investments in organic growth and debt reduction, present a compelling case for a Buy rating.

In another report released on March 19, Redburn Atlantic also upgraded the stock to a Buy with a $125.00 price target.

COO’s price has also changed dramatically for the past six months – from $331.350 to $100.870, which is a -69.56% drop .

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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.