Morgan Stanley Reports Haemonetics Recovery On Track
In a research report published today, Morgan Stanley said Haemonetics' (NYSE: HAE) FYQ12 results suggest the recall recovery is on track, but FY13 guidance was below the Street.
According to the report, “Haemonetics' preliminary FY13 outlook calls for (mid-single) digit growth on the top line (including (mid-single) digit growth in the plasma business, where 75% of contracts were renewed through FY17) and low double digit earnings growth. Top line guidance was consistent with our model and Street estimates of ~6% revenue growth in FY13. However, the earnings outlook drew short of consensus estimates that called for 17% EPS growth in FY13, though it was more consistent with our 13% estimate.”
Morgan Stanley maintains its Underweight rating and $55 PT on Haemonetics, which closed yesterday at $66.28.
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