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Fly News Breaks for August 30, 2019
COO
Aug 30, 2019 | 04:57 EDT
Piper Jaffray analyst Matt O'Brien recommends using today's post-earnings selloff in shares of Cooper Companies as a buying opportunity. The fiscal Q3 sales miss was largely driven by tough comps in CooperVision and "self-inflicted wounds" in CooperSurgical where the company halted Paragard TV ad spend, O'Brien tells investors in a research note. While frustrating, none of the issues in the quarter appear particularly likely to meaningfully weigh on Cooper results going forward, says the analyst. He points out management was adamant that nothing has changed in the lens market. The market remains healthy and the trade-up to daily lenses should continue to lift Cooper results for years to come, contends O'Brien, who reiterates an Overweight rating on the shares with a $360 price target.
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