UPDATE: D.A. Davidson & Co. Lowers Herbalife's PT

According to a research report published this morning, D.A. Davidson & Co. has reduced Herbalife's HLF PT from $90 to $72. In the report D.A. Davidson said, "The multi-level business model is certainly controversial. Most investors don't understand it, and while we believe it is an extremely effective way to grow, particularly in the developing world, there are those who view multi-level as at risk for fraud and abuse. Certainly there have been abusive and corrupt multi-level companies in the past, however, we believe that at the public level, the companies we follow – Herbalife, Nu Skin (NUS* - BUY - $42.65) and USANA (USNA* - BUY - $32.27) - are squeaky clean operators." D.A. Davidson maintains its Buy rating on Herbalife, which closed yesterday at $46.24.