Morgan Keegan Maintains OP Rating, $71 PT On HAE

Haemonetics Corporation HAE reported fiscal 3Q results that were in-line on the top-line, but were $0.07 better than the Street consensus, Morgan Keegan reports. “And while EPS outperformance was influence by the timing of operating expenses, we believe that fundamentals in the plasma collections business are now starting to stabilize with growth turning positive and the renewal of two contracts that were set to expire in fiscal 2012,” Morgan Keegan writes. “Although near-term catalysts are limited, we believe that management can maintain its fiscal discipline and deliver solid earnings growth. There is no change to our Outperform rating, and $71 price target.” Haemonetics Corporation closed Monday at $59.34.