CFRA analyst Arun Sundaram lowered the price target on Hain Celestial (NASDAQ: HAIN) to $8.00 (from $8.50) while maintaining a Hold rating.

The analyst comments "We cut our 12-month target by $0.50 to $8.00, calculated using an 8.5x EV/EBITDA multiple against our FY 25 (Jun.) adj-EBITDA estimate of $156M (cut from $175M) vs. the 14x long-term mean. We lift our FY 24 EPS by a penny to $0.33 and cut FY 25's to $0.42 from $0.52. FQ3 (Mar-Q) sales of $438M (-3.7% Y/Y) missed the $463M consensus, driven by shortages in infant formula (Perrigo supplier issues), poor execution in Snacks (excluding Garden Veggie), and weakness in Personal Care (-34% Y/Y due to portfolio changes). HAIN once again cut its FY 24 guidance, now targeting -3% to -4% organic sales growth (was +1%) and adj-EBITDA of $150M-$155M (was $155M-$160M). One bright spot was net debt, which fell 6% from FY 23 to $728M, resulting in a leverage ratio (per HAIN) of 3.9x (down from 4.3x as of FY 23). While HAIN's turnaround is taking longer than expected, the issues seem to be concentrated in a few areas (e.g., baby formula, personal care, and plant-based meat), as about 85% of its business has grown over 3% YTD."