Piper Jaffray Downgrades Hain Celestial (HAIN) to Neutral

Piper Jaffray downgraded Hain Celestial (NASDAQ: HAIN) from Overweight to Neutral with a price target of $38.00 (from $42.00) following Q2 results.

Analyst Sean Naughton commented, "We are not recommending investors sell Hain Celestial shares, but are no longer recommending new money at the current time as investments in price, slower organic growth, and negative margin mix may take time play out in the P&L. While we continue to think Hain Celestial has a driven management team in place and are taking the necessary steps to make the company more competitive, we think it will take longer than 12 months for the shares to once again achieve a premium multiple to the group. Therefore, we are lowering our multiple on shares from 12x to 11x FY17 EBITDA and reducing our price target to $38, slightly ahead of last night's close."

For an analyst ratings summary and ratings history on Hain Celestial click here. For more ratings news on Hain Celestial click here.

Shares of Hain Celestial closed at $37.01 yesterday.

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