UPDATE: Wedbush Upgrades USANA Health Sciences to Neutral on Strong Asia, MLM Sell-Off
Wedbush upgraded USANA Health Sciences (NYSE: USNA) from Underperform to Neutral and maintained a $40.00 price target.
Wedbush noted, "Our earlier concerns over N. America recruiting trends, which remain down single digits in the face of emerging competitor ARIIX (which was formed last year by former senior USANA executives and distributors), have been more than offset in recent quarters by stronger-than-expected sales in Asia, driven by faster-than-expected economic growth across major economies where USANA has successfully penetrated. As a result, we are increasing our 2013 forecasts for revenue to $710 million from $682 million, and for EPS to $5.14 from $4.65."
USANA Health Sciences closed at $37.53 on Wednesday.
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