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Bullish comments from Wedbush are not helping Herbalife
HLF as the stock continues to slide after announcing that the company
received a civil investigation demand from the Federal Trade Commission last Wednesday. Shares are down 0.26 percent to $53.32.
Channel checks indicate “strong momentum in the U.S. business, driven by solid recruiting trends and a successful new product launch,” said analyst Rommel Dionisio.
The FTC investigation does not seem to be slowing distributor recruiting in the U.S.; after conversations with senior level sales leaders, Dionisio believes “the region continues to generate high single-digit growth momentum in total Sales Leaders and Members.”
Herbalife's new product “SKIN” offers “meaningfully higher gross margin than the core Formula 1 diet shake line,” said the analyst.
Dionisio reiterated his $90 price target and Outperform rating on the stock.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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