Herbalife Shares Edge Higher; Wedbush Boosts Target to $90, Analyst Shows No Concern on Nu Skin Product
Shares of Herbalife (NYSE: HLF) are trading up about a percent Friday morning as traders are cheering a boosted price target from Wedbush's Rommel Dionisio.
Dionisio now expects Herbalife shares to rise to $90 over the next year, up from $80 previously.
The analyst believes Herbalife will be buying back additional shares more aggressively on the heels of the recent re-audit conclusion. Dionisio noted the firm's distributor checks are indicating "not even a slight" slowdown in sales growth following the unveiling of a new Nu Skin (NYSE: NUS) product.
Wedbush maintains an Outperform rating on shares of Herbalife.
With Herbalife shares last trading around $79.50, Dionisio's new price target implies potential upside of about 13 percent.
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