Mizuho Securities Starts Haemonetics (HAE) at Buy

Mizuho Securities analyst Anthony Petrone initiates coverage on Haemonetics (NYSE: HAE) with a Buy rating and a price target of $90.00.

The analyst commented, "Our Buy thesis for HAE is based on: 1) VASCADE MVP still in early innings of multi-year hyper-growth cycle; 2) lingering supply-demand imbalances across plasma pharmaceutical space is supportive of rising collections, 3) NexSys pricing, share gains, volumes can offset CSL loss; and 4) the path to 700bps+ of adj OM expansion is largely within company’s own control. Our $90 base case PT prices shares at a 16-17x forward EV/EBITDA, a premium to its historical 13.5x 10-year average to reflect Plasma tailwinds. Our $105 bull case contemplates upside from VASCADE label expansion and Plasma share gains."

For an analyst ratings summary and ratings history on Haemonetics click here. For more ratings news on Haemonetics click here.

Shares of Haemonetics closed at $74.55 yesterday.

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