Morgan Keegan is out with its report today on Haemonetics HAE, lowering its PT from $65 to $63.
In its report, Morgan Keegan writes, "In our opinion, the significant positive highlight in the quarter was accelerating top-line growth, which was primarily driven by a 14% increase in plasma sales. Conversely, EPS guidance was lowered by 10% mostly due to items related to quality improvement and delay in operational cost savings, and hospital product sales. Consequently, we are reducing our estimate for fiscal 2013 to $3.65 from $3.93 and are maintaining our Market Perform rating. We have adjusted our price target to $63 from $65 to account for our lower EPS expectations in fiscal 2013. Should Haemonetics shares dislocate to the mid-$50's, we would look to get more aggressive on the stock."
Morgan Keegan maintains Market Perform on HAE.
Shares of HAE closed Monday at $60.95, down 4.54% from Friday's close.
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