The $2 billion buyout of Immucor Inc. (NSDQ:BLUD) by a private equity firm could turn out to be a boost for Haemonetics Corp. (NYSE:HAE), according to analysts from Morgan Keegan.
In a note to investors, Keegan analysts reaffirmed the Braintree, Mass.-based blood management company’s “outperform” rating and set a $76 price rating on shares of HAE. The price target is a 14 percent premium over the company’s closing price of $66.58 on Wall Street yesterday.
“Although there is limited overlap between Haemonetics and Immucor (instrument-reagent systems for blood transfusions), we view the transaction as another data point suggesting acceleration of M&A activity and multiple expansion for the group,” Morgan Keegan analysts wrote.
Haemonetics, which is celebrating its 40th year in business this year, came out of the gate strong on Wall Street in 2011, hitting a high-water mark of $70.20 in late April. However, shares have retreated since hitting the 52-week high and are up about 5 percent overall this year.
On Tuesday, TPG Capital affiliate IVD Holdings said it would acquire all shares of Immucor’s outstanding stock for $27 per share in a deal valued at $1.97 billion. The Norcross, Ga.-based Immucor manufactures and sells systems for detection and identification of blood properties prior to transfusion.
