Saturday, December 10, 2011
Cooper Surprises Analysts
"Eye care company Cooper Cos. topped expectations with its fiscal fourth-quarter performance, but analysts remain concerned about lingering Food and Drug Administration issues," reports MSNBC. "The Pleasanton, Calif., company said Thursday its profit increased 18 percent in the fiscal fourth quarter as sales of contact lenses improved. The company earned $56.6 million, or $1.15 per share, in the three months ended Oct. 31. Revenue climbed 15 percent to $360.9 million...Cooper reported solid results, Jefferies analyst Raj Denhoy said in a Friday morning research note. But the analyst lowered a price target on the stock to $70 from $77 and said he remained sidelined on the stock 'given evolving FDA issues.'...The FDA also recently issued a warning letter to Cooper with five observations about its lone U.S. distribution facility, Citi analyst Amit Bhalla noted. The analyst also said in a note the agency will perform an upcoming inspection of a Cooper manufacturing location in the United Kingdom that makes a high volume of contact lenses." Read more.