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Fly News Breaks for September 12, 2017
TEVA, COO
Sep 12, 2017 | 07:44 EDT
Oppenheimer analyst Steven Lichtman notes that Cooper Companies (COO) announced an agreement to acquire the PARAGARD Intrauterine Device from Teva Pharmaceutical (TEVA) for $1.1B in cash. The analyst sees PARAGARD as a "good fit" for CooperSurgical as Cooper Companies' sales representatives can leverage long-standing relationships with gynecologists. Lichtman does not see the deal changing Cooper Companies' overall corporate sales/EPS growth profile as the acquired expected sales growth is slightly below current corporate average in the mid-single-digits and the company is not assuming expense synergies. The analyst reiterates a Perform rating and $250 price target on Cooper Companies' shares.
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