Haemonetics downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Haemonetics (HAE) to Neutral from Overweight with a price target of $62, down from $85. The company’s Q1 earnings were a “mixed bag” as Plasma revenue came in ahead of expectations by $19M, but Hospital and IVT – Interventional Technologies – specifically came in below, the analyst tells investors in a research note. Excluding one-time items, Haemonetics’ operating margin would have also missed, the firm notes. JPMorgan “still believes” in the long-term story, stating that the stock could start to work when estimates eventually find a floor and start to trend higher, but the firm doesn’t expect much visibility into consistent outsized beats until the management reconfigures the commercial strategy in IVT, the analyst added.