Morgan Keegan Downgrades HAE To Market Perform

Morgan Keegan has downgraded its rating on Haemonetics Corp.HAE in light of the company's current upside. According to Morgan Keegan, “We are changing our rating on Haemonetics to Market Perform from Outperform. The change in rating is driven by our view that there is greater appreciation potential in Hill-Rom [NYSE: HRC] shares following yesterday's 17% price decline. Specifically, we see 24%-plus upside for Hill-Rom shares as compared to 16.6% for Haemonetics stock. Importantly, there is no change to our long-term positive bias on Haemonetics, which is based on new product introductions, a pristine balance sheet, and a strong management team. Consequently, there are no changes to our estimates or $76 price target.” As mentioned above, Morgan Keegan is maintaining its $76 price target on the stock. HAE closed at $65.18 and HRC at $36.25 yesterday.