UPDATE: BTIG Research Initiates Coverage On Herbalife On Significant Upside Potential

In a report published Wednesday, BTIG Research analyst April Scee initiated coverage on

NYSE: HLF) with a Buy rating and $55.00 price target. In the report, BTIG Research noted, “Great industry dynamics & strong business model, but this is not the current focus as stock continues to trade on sentiment, not fundamentals. Importantly, we're confident Herbalife isn't a pyramid scheme. However, we believe the stock will continue to trade on sentiment, so we'd approach with caution despite significant upside potential. Initiate with Buy.” Herbalife closed on Tuesday at $38.32.