Nu Skin (NUS) PT Raised to $45 at Stifel; Maintains 'Sell'
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Stifel analyst Mark Astrachan lifted his price target on Nu Skin Enterprises (NYSE: NUS) to $45.00 (from $34.00) but maintained a Sell rating noting while momentum is improving but valuation is elevated.
Astrachan commented, "We maintain our Sell rating as NUS shares trade at a meaningful premium to direct selling peers (17x forward EPS compared to a peer average of 13.5x) and despite increased sales and EPS guidance (largely reflecting more favorable FX rates) as Nu Skin continues to underperform relative to peers in China, and, excluding LTOs, company growth declined for the third consecutive quarter, with the two-year CAGR down for the fifth consecutive quarter. That said, we recognize the sequential improvement in sales leaders and productivity broadly, and in China specifically, could indicate increasing momentum in Nu Skin’s business and is a watchpoint relative to our Sell rating."
The firm lifted 2016 and 2017 EPS estimates to $2.89 and $3.27, respectively, reflecting the 2Q16 revenue beat and current FX rates. We lift our price target to $45, 14x 2017E EPS.
Shares of Nu Skin Enterprises closed at $53.63 yesterday.
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