UPDATE: Canaccord Reiterates Buy Rating, Lowers PT for Herbalife

In a daily letter released earlier today, Canaccord Genuity reiterated its Buy rating for Herbalife Ltd.

and lowered its price target from $80.00 to $76.00. Canaccord said in its report “We believe HLF is a sustainable growth stock given its favorable positioning from product, sales method, geographical exposure and business model standpoints. Given yesterday's precipitous sell-off in shares, we view the valuation as highly attractive for a business that provides investors with a combination of sustained growth and relative insensitivity to the ebbs and flows of discretionary consumer spending. In our view, HLF remains appropriately positioned from a product standpoint, in that its focus on weight management and nutrition address a broad consumer demographic globally, not to mention its product story is being enhanced through its supply chain efforts. The company's exposure to emerging markets, including China, India, Russia and Brazil, is support for considerable future growth opportunities.” Herbalife Ltd. closed yesterday at $56.30.