UPDATE: Canaccord Genuity Downgrades USANA Health Sciences to Hold on Management Transition
Canaccord Genuity reduced its rating on USANA Health Sciences (NYSE: USNA) from Buy to Hold and lowered its price target from $60 to $40.
Canaccord Genuity commented, "While the beginnings of improvement in US sales trends and a modest valuation had attracted us to USNA shares, we expect that another management transition is likely to inhibit a normalization of the valuation. … While USNA's valuation is modest, and even discounted relative to its peers, we expect added organizational risk will lead to a perpetuated valuation discount and the shares could lag its peers in any normalization of the sector valuations."
USANA Health Sciences closed at $38.42 on Thursday.
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