UPDATE: Citigroup Raises PT to $78 on Hain Celestial Group on Accelerating Sales Trends
Citigroup reiterated its Buy rating on Hain Celestial Group (NASDAQ: HAIN) and raised its price target from $68 to $76 a share.
Citigroup said, "Sales in 4Q were $351mm vs. FC of $366mm though sales excl $28mm in discontinued ops. Consumption increased 10% vs. 9% in Mar ended Q. Encouragingly, mgmt implied momentum continues to be strong in August. We think category strength is being driven by higher end consumer spending, secular growth of organic food, and more at-home eating. Solid sales at HAIN are a positive read through to the rest of the sector."
Hain Celestial Group closed at $56.91 on Wednesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.