Jefferies Sees Haemonetics (HAE) as Oversold Ahead of Earnings, PT Lowered $105
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Jefferies analyst Anthony Petrone lowered the price target on Haemonetics (NYSE: HAE) to $105.00 (from $185.00) ahead of the F4Q earnings call scheduled for 5/13 BMO. Focus points for the call are expected to include: 1) detail/commentary on CSL's plasma supply chain shift toward Terumo; 2) future contracting implications, 3) strategic countermeasures, 4) plasma pipeline/backlog update, 5) timing on Cardiva close, 6) restructuring timeline revisit, and 7) views on mid-range top/bottom-line growth profiles.
The analyst reiterated a Buy rating, stating "Our bridge model mapped to the current stock price suggests the market is baking another large contract loss which we see as a low probability considering the CSL + Terumo deal appears captive out of the gate and timelines are unknown/extensive. Our base case bridge model assumes: 1) Octapharma (private) adopts Persona, 2) Grifols (GRFS, NC) adopts NexSys, and 3) Takeda (4502-TKS, Hold) share is unchanged at ~10% (no share gains). Under this more reasonable scenario, Plasma will generate $4- $5 in EPS pointing toward overall co EPS upside in the $6 range." He went on to state "Our updated bridge math suggests current valuation is overly discounted. Shift #s and PT to $105 (prior $185)."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Hot Comments
Related EntitiesJefferies & Co, Earnings
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