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Cooper Companies Gains Over 5% On Strong 3Q Results

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Shares of Cooper Companies rose over 5.4% on Friday after reporting stronger-than-expected 3Q results and providing investors with upbeat guidance for 4Q.

The Cooper Companies (COO) reported 3Q revenues of $578.2 million on September 3, which surpassed analysts’ expectations of $535.7 million. The global medical device supplier posted an adjusted EPS of $2.28, which also exceeded Street estimates of $1.52. Nonetheless, the top and bottom-line results fell on a year-over-year basis mainly due to COVID-19 related business disruptions.

Cooper’s CEO Albert White said, "While our third quarter results were negatively impacted by COVID-19, we solidly exceeded expectations as we experienced a faster than expected recovery. (See COO stock analysis on TipRanks).

For 4Q, the company expects revenues between $665 million and $693 million, higher than the Street forecast of $662.5 million. It projects adjusted EPS to come in the range of $3.00-$3.20, which is also higher than analysts’ estimates of $2.87.

Following its earnings, KeyBanc analyst Matthew Mishan raised the stock’s price target to $349 (7.9% upside potential) from $330 and reiterated a Buy rating, citing better-than-expected near-term trends. Mishan believes that new consumption trends and visible market share gains are positive for Cooper.

Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 5 Buys and 4 Holds. With shares almost flat year-to-date, the average analyst price target of $336.78 implies an upside potential of 4.1% from current levels.

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