Hain Celestial (HAIN): Why The 25% Overnight Drop Is A Buying Opportunity - Jefferies
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Jefferies analyst, Akshay Jagdale, reiterated his Buy rating on shares of Hain Celestial (NASDAQ: HAIN) and cut his price target to $50.00 (from $57.00) after the company announced an audit committee review of concessions granted to distributors in the US. Separately, the company said it does not expect to achieve its FY16 guidance.
The analyst stated that he "can’t reasonably estimate the magnitude/timing of this event. However, we view the stock weakness (- 25% pre-mkt) as a potential buying opportunity; we see value in the company’s brands, category exposure & cash flow. Worst case, probability of a buyout is now higher".
Shares of Hain Celestial closed at $53.40 yesterday.
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