Piper Sandler analyst Jason Bednar downgraded Cooper Companies (NASDAQ: COO) from Overweight to Neutral with a price target of $59.00 (from $86.00).

The analyst comments: “We're downgrading shares of COO to Neutral after yet another disappointing quarterly result for COO's flagship CVI franchise (~flat organic in FQ3, guidance reduced for fourth time in past two years) coupled with an inability to monetize CSI. We've repeatedly defended the stock, but the visibility/forecasting challenges that have plagued the business the past ~18 months are arguably worsening rather than improving (U.S. destocking, under-resourced commercial organization the latest issues), and we can't find a strong fundamental case to recommend investors buy on weakness. We were hopeful that portfolio management and FCF refocusing were the beginning of promised change, but instead we're left acknowledging our own irrational exuberance, and believe we'll need to see multi-quarter performance consistency before shares rebound from what will be new valuation territory as of tomorrow. PT to $59.”

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Shares of Cooper Companies closed at $63.48 yesterday.