Herbalife (HLF) PT Raised to $11 at Mizuho

Mizuho analyst John Baumgartner raised the price target on Herbalife (NYSE: HLF) to $11.00 (from $10.00) while maintaining a Neutral rating.

The analyst commented: "More Confidence in EBITDA; Sales Still Subject to High Uncertainty But Supports are Materializing; Raising Ests. & PT: Following 2.5 years of headwinds, improving execution increasingly suggests the largest sales weakness has passed. N. America distributors growth amid new initiatives, and stabilizing declines in Nielsen weight management segment, return to growth in China, and improving international productivity are positives. HLF is on the right path and cost savings reinforce EBITDA floor. However, a choppy environment requires more time to confirm a true inflection. We're increasing our EBITDA (FY24E $578MM from $566MM & FY25E $650MM from $612MM) on incremental savings, and our PT to $11 from $10 (5.5x our CY24E EBITDA)."

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