Goldman starts Haemonetics shares at 'Neutral'

NEW YORK (AP) -- A Goldman Sachs analyst started covering Haemonetics Corp. shares at "Neutral" on Friday, saying he expects shares of the blood management system company to trade around its current prices for the next year.

THE OPINION: Analyst David Roman began covering the stock with a price target of $47 per share. He said Haemonetics' fiscal 2014 outlook is solid, but the company is not likely to surpass Wall Street expectations by a significant amount. Roman added that the company's stock is trading at a premium compared to other medical technology companies and the broader market.

The Braintree, Mass., company provides blood management systems for health care providers and blood collectors. Haemonetics said its revenue grew 23 percent in fiscal 2013 after it acquired a blood transfusion business from Pall Corp. Revenue totaled $892 million, and the company expects growth of 9 percent to 12 percent in the new fiscal year. That implies a total of $972.3 million to $999 million.

Analysts are forecasting $995.7 million in revenue, according to FactSet.

THE STOCK: Haemonetics stock fell 63 cents to $41.28 while the broader markets also closed lower. The shares have climbed 11 percent in May and are up about 20 percent over the last year. They have traded between $32.69 and $44.44 in that time.