UPDATE: Auriga Increases Price Target on Herbalife to $66

According to Auriga, Herbalife (NYSE: HLF) price target is raised to $66.

Auriga said that Herbalife reported strong 4Q and FY11 results, exceeding its expectations as well as consensus estimates. “With the higher guidance, we are raising our FY12 estimate to $3.61 from $3.49 and to $4.10 from $3.87 in FY13. We are also raising our price target to reflect the higher estimates to $66 from $56, which incorporates an increase in the forward multiple to 16.0x from 14.5x.”

Herbalife closed yesterday at $66.81.