Morgan Keegan Has Outperform On Haemonetics Corporation

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Morgan Keegan has an Outperform rating and a $76 price target on shares of Haemonetics Corporation
HAE
. In a note to clients, Morgan Keegan writes, "This morning, Immucor announced that it entered into a definitive agreement to be acquired by TPG Capital for an equity value of $1.973 bn. Our calculations would suggest a multiple of 13.7x LTM EBITDA and 11.8x ex-cash for Immucor, a 30% premium over Haemonetic's current valuation. Although there is limited overlap between Haemonetics and Immucor (instrument-reagent systems for blood transfusions), we view the transaction as another data point suggesting acceleration of M&A activity and multiple expansion for the group. There are no changes to our estimates, Outperform rating and $76 price target for Haemonetics shares." Shares of HAE are up 45 cents to $66.25, a gain of 0.7%.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsHealth CareHealth Care SuppliesMorgan Keegan
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