Canaccord Adams Notes Herbalife (HLF) May Have Hired a Banker and USANA's General Counsel
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Canaccord Adams commented on Herbalife (NYSE: HLF) today, noting that MergerMarket reported that the company has hired an investment bank to review a potential private equity sale. In addition, the firm notes that the company has hired the general counsel for USANA, which recently reached a settlement with Barry Minkow and the Fraud Discovery Institute.
The firm believes these action are positive, and that they highlight the fact that the shares are undervalued. They said, while they don't see a strategic buyer and private equity could be impaired by the credit environment, they expect the news to provide a floor in the stock at the $45 level.
Canaccord is reiterating their Buy rating and $59 price target.
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