Canaccord Genuity Said Relief Rally in Herbalife (HLF) Should Continue

Canaccord Genuity reiterated their Buy rating and $76 price target on Herbalife (NYSE: HLF), saying "the relief of investor fears yesterday began a rally that likely extends further today."

The firm believes valuation should normalize at a level more consistent with the strong business trends and earnings growth outlook as investor focus returns to the fundamentals.

The firm raised F2012 EPS estimate adjusts upwards to $3.80 from $3.71, while F2013 EPS resets to $4.40 from $4.24 on 4% accretion.

NOTE: Shares of HLF rose 17% Wednesday as hedge fund manager David Einhorn didn't present his short thesis at a hedge fund conference.

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

Shares of Herbalife closed at $49.51 yesterday.

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