Raymond James Thinks Haemonetics Growth Is 'Underappreciated'

  • Earlier this week, Raymond James attended Haemonetics Corp's HAE Investor Day, where the management team presented a new Long-Range Plan (LRP), including some upside on the profitability, outlining each business unit's positioning and pipeline. 
  • According to the analysts, the plan implies an upside to expectations, despite some conservatism and back-end weight.
  • Raymond James rolled the FY25 EPS estimate of $3.80 vs. the sub-$3.50 consensus into the event. 
  • See the investor presentation here.
  • Though plasma was a major part of the discussion, the team highlighted the other portions of the business that can be viewed as moving towards a more diversified player.
  • The analysts note that vascular closure and hemostasis management are poised for more growth and offer a core set of offerings to build both organically and inorganically.
  • At ~14x CY22 EBITDA and ~22x CY22 EPS, Raymond James thinks the stock remains attractive in the context of stable growth, with Outperform rating unchanged and the price target raised from $63 to $76 (15% upside).
  • The analysts believe Haemonetics is positioned for healthy double-digit earnings growth underappreciated at current valuations.
  • Price Action: HAE shares are up 1.18% at $65.95 during the market session on the last check Friday.

Posted In: BriefsAnalyst ColorEarningsNewsGuidanceHealth CarePrice TargetReiterationAnalyst RatingsGeneral

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