Nu Skin Enterprises (NUS) PT Lowered to $60 at DA Davidson

DA Davidson analyst Linda Bolton Weiser lowered the price target on Nu Skin Enterprises (NYSE: NUS) to $60.00 (from $61.00) while maintaining a Neutral rating.

The analyst commented, "NUS reported 2Q21 EPS that exceeded consensus by 8% due to a strong gross margin, but constant currency (CC) sales slightly missed our +10% estimate, with growth decelerating to +9% from +25% in 1Q21 as comps got harder. NUS raised 2021 EPS guidance but not sales, and we are lowering our 2H21E CC sales to -1% from +1%. NUS has decided to build inventory, and 1H21 free cash flow was $(36)M vs. $135M. We are raising our 2021E EBITDA by 6% due to better profitability, and notching up our PT to $61 from $60, based on 7.0x 2022E EBITDA of $449M (raised from $418M). Our rating remains NEUTRAL, as prior-year sales comps get very hard in 2H21."

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