UPDATE: Piper Jaffray Raises PT to $61 on Hain Celestial Group on Sequential Food Consumption Increase
Piper Jaffray reiterated its Neutral rating on Hain Celestial Group (NASDAQ: HAIN) and raised its price target from $51 to $61 a share.
Piper Jaffray noted, "HAIN reported FQ4 EPS of $0.47 which came in ahead of our estimate and consensus of $0.45. The beat was driven by favorable SG&A expense leverage and a favorable tax rate which was more than able to offset topline weakness (even after adjusting for discontinued operations). Importantly, domestic organic food consumption rates accelerated to 10% from 9% last quarter driven by strong results across all channels of distribution. Overall, we are encouraged given these results confirm our belief organic and natural food products continue to take significant share and gain distribution within new and existing doors; however, we believe the risk/reward in the shares at these levels is balanced."
Hain Celestial Group closed at $56.91 on Wednesday.
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Tags: Piper Jaffray