Haemonetics (HAE) PT Lowered to $108 at Needham

Needham analyst Mike Matson lowered the price target on Haemonetics (NYSE: HAE) to $108.00 (from $112.00) while maintaining a Buy rating.

The analyst commented: 'HAE's F3Q25 revenue missed while its EPS beat consensus. Management lowered their FY25 sales guidance and narrowed their FY25 EPS guidance. HAE's organic growth slowed to (0.3%) in F3Q25 from 3.7% in F2Q25. Plasma sales declined 9% organic in F3Q25 vs. the 3% organic decline in F2Q25 as CSL sales declined more rapidly and plasma collections improved modestly. Hospital organic growth slowed to 12% organic in F3Q25 from 16% organic in F2Q25. HAE's gross margin was up 240 bps Y/Y and its operating margin was up 390 bps Y/Y. HAE reiterated its long-range plan target of reaching a high-20% operating margin in FY26 which we interpret as 27%+. While HAE's revenue growth is clearly disappointing, we are encouraged by the strong margin performance. We maintain our Buy rating but lower our price target to $108 from $112 due to our lower estimates."

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