Haemonetics (HAE) PT Lowered to $108 at Needham & Company; 'CSL Loss a Gut Punch But Not a Knock-Out'
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Needham & Company analyst Mike Matson lowered the price target on Haemonetics (NYSE: HAE) to $108.00 (from $158.00) while maintaining a Buy rating after the company announced that CSL Plasma will not renew its supply agreement for the use of the PCS2 Plasma Collection System which expires on 6/30/22.
"In FY20, the agreement accounted for $117M or ~12% of HAE's revenue with a gross margin similar to the company average," Matson commented. "We have lowered our estimates to reflect this news and a slower than expected recovery in the plasma market. We maintain our Buy rating since we see potential for upside from the adoption of NexSys and Persona by HAE's other customers to partially offset the impact of the loss of CSL in the US and given the steep decline in HAE's share price."
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