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UBS Warburg Raises Cooper Companies Outlook

UBS Warburg raised its estimate and target on Cooper Companies (COO).

Analyst Charles Olsziewski says first quarter earnings per share beat his already upwardly revised forecast by a penny. He says a strong showing in both of the company's businesses paced better than expected first quarter revenues. He notes 18% organic growth in Coopers' contact lens unit.

Olsziewski raised the $2.03 fiscal 2003 (Oct.) earnings per share estimate to $2.06, and sees $2.40 for fiscal 2004. He believes first quarter performance, and the company's consistently improving outlook further validates his favorable stance on shares.

Olsziewski says Cooper remains his top pick in his universe of coverage at about 13 times his fiscal 2003 earnings per share estimate. He raised his $34 12-month target to $35, and rates the shares as buy.

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