Barrington lowers Haemonetics price target, says pullback ‘too much’

Barrington analyst Michael Petusky lowered the firm’s price target on Haemonetics (HAE) to $86 from $95 and keeps an Outperform rating on the shares. Concern about the vascular closure franchise “overshadowed every other aspect of this quarter’s results, which were “pretty good” in most other ways, the analyst tells investors. While sharing investor disappointment regarding VASCADE, the firm thinks a 26.5% markdown in shares “represents a material overreaction” and would buy the weakness.