UPDATE: Wedbush Securities Initiates Coverage on Hain Celestial Group Inc. with Outperform Rating, $72 PT as Strong Distribution and M&A Trends Should Drive Shares Higher

In a report published Wednesday, Wedbush Securities analyst Phil Terpolilli initiated coverage on

with an Outperform rating and $72.00 price target. In the report, Wedbush Securities noted, "We are launching coverage of HAIN with an OUTPERFORM and $72 target price. We believe HAIN is likely to be a primary beneficiary of the shift towards healthy eating across food channels. Furthermore, the company's aggressive M&A strategy and productivity efforts should provide additional upside to sales growth. With healthy eating trends accelerating and increased values for M&A deals over recent quarters, we believe HAIN will trade at a premium to historical averages." Hain Celestial Group Inc. closed on Tuesday at $62.34.