Raymond James downgraded Haemonetics (NYSE:HAE) from Strong Buy to Outperform and reduced its price target to $78 from $105 following softer performance in its interventional technologies unit.
The firm cited a slowdown in vascular closure in the EP market, with growth of 6% year-over-year versus 28% in the prior quarter. Analysts attributed the decline to execution issues rather than increased competition, but noted uncertainty over the timing of improvement.
Despite the downgrade, Raymond James said it still views Haemonetics as an attractive, undervalued company with potential to return to mid-single-digit organic growth and expanding margins, supported by strong performance in plasma and blood management.
