HAIN - Hain Celestial cut at Evercore after running past price target
Evercore ISI drops Hain Celestial (HAIN) to an In Line rating after watching shares gain more than 35% since its upgrade last August. The firm sees a more balance risk-reward profile at the current level, but likes the long-term outlook on Hain with the turnaround plan being executed. "While COVID-related tailwinds introduce a near-term variable, we see clear evidence that Hain Celestial is executing a multifaceted plan to build capabilities, lower overhead/supply chain cost structure, reposition its portfolio mix, and position Get Bigger brands for growth." Evercore keeps a price target of $39, which works out to 22X the 2022 EPS estimate. Shares of Hain are down 0.45% premarket to $40.26 after hitting a new high yesterday of $40.11. The Seeking Alpha Quant Rating on Hain is Neutral.
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Hain Celestial cut at Evercore after running past price target