Oppenheimer Cuts Price Target as Hain Celestial (HAIN) Announces Delay in 4Q Release
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Oppenheimer maintained a Perform rating on Hain Celestial (NASDAQ: HAIN), and cut the price target to $45.00 (from $52.00), following the company's announced delay of its 4Q release. HAIN is evaluating whether revenue associated with concessions granted to certain US distributors is being recognized properly. The company also noted it does not expect to achieve its FY16 guidance.
Analyst Rupesh Parikh commented, "Earlier this evening, HAIN announced a delay in the release of Q4 results due to the evaluation of revenue associated with concessions to certain distributors. This clearly represents a significant surprise to investors, as some have speculated lately on a potential takeout by a larger CPG player. Fundamentally, we thought the delay was more likely HAIN evaluating a potential M&A target. Management also announced that it does not expect to achieve its previously announced guidance for FY16. We are adjusting our numbers to reflect our latest thinking on HAIN including the impact from the sharp devaluation of the British pound and recent industry data points. We are trimming our PT to $45 from $52."
Shares of Hain Celestial closed at $53.40 yesterday.
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