Mizuho Securities analyst Anthony Petrone has maintained their bullish stance on HAE stock, giving a Buy rating on November 3.
Anthony Petrone’s Buy rating for Haemonetics (HAE) is based on several factors that he believes suggest a positive outlook for the company. Firstly, the company has demonstrated strong growth in its Plasma segment, which exceeded market expectations with an 11% organic growth rate. This growth is driven by a surge in plasma collections, which are surpassing historical rates as plasma centers replenish their inventory, which was depleted during the COVID pandemic. The company’s VASCADE MVP product is also making significant inroads internationally, with approvals in Japan supplementing progress in Germany and Italy.
Furthermore, Petrone notes that Haemonetics’ updated full-year guidance indicates a continued upward trajectory, with projected organic top-line growth of 8-10%, and organic growth in the Plasma segment of 10-12%. Adjusted operating margin is expected to be around 21%, indicating improvements in efficiency and profitability. The company also anticipates a substantial contribution from its partnership with CSL Limited in both 2024 and 2025, further strengthening its financial position. Despite some potential concerns about the margin outlook for the second half of 2024, Petrone remains confident in the company’s long-term prospects. He concludes that the recent sell-off in the stock will be short-lived and sees further upside potential in the stock due to the ongoing success of the Plasma segment, the international expansion of VASCADE, and continued margin gains.
In another report released on November 3, JMP Securities also reiterated a Buy rating on the stock with a $115.00 price target.
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Haemonetics (HAE) Company Description:
Haemonetics Corp. engages in the development and distribution of hematology products and solutions. It operates through the following geographical segments: Japan, EMEA (Europe, the Middle East, and Africa), North America Plasma, and All Other. Its products include surgical and diagnostic devices, blood and plasma center devices, blood center software, hospital software, and plasma center software. The company was founded by Allen Latham, Jr. in 1971 and is headquartered in Braintree, MA.
Read More on HAE:
- Haemonetics price target lowered to $105 from $114 at Barrington
- Haemonetics raises FY24 adjusted EPS view to $3.75-$3.95 from $3.60-$3.90
- Haemonetics reports Q2 adjusted EPS 99c, consensus 89c
- Haemonetics 2nd Quarter Fiscal Year 2024 Earnings Release Available on Investor Relations Website
- HAE Upcoming Earnings Report: What to Expect?
