Haemonetics Corporation (NYSE: HAE) shares plunged 5.08% in Friday's intraday trading session, underperforming the broader market. The steep decline came after the medical device company reported disappointing third-quarter fiscal 2025 earnings results that missed analysts' expectations.
For the quarter ended December 31, 2024, Haemonetics posted revenue of $348.5 million, up 3.7% year-over-year but missing Wall Street's consensus estimate by 1.2%. Earnings per share came in at $0.75, a 20% increase from the prior year but falling short of analysts' projections by 18%.
Following the earnings release, several Wall Street analysts downgraded their ratings and price targets on Haemonetics. Bank of America lowered its rating to Underperform from Neutral and slashed its price target to $68 from $95, citing concerns over the revenue miss. Barrington Research and JMP Securities maintained their Outperform and Overweight ratings, respectively, but reduced their price targets on the stock.
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