D.A. Davidson Reiterates Buy Rating, $78 PT on Herbalife on Adjusted 2013 EPS

In a report published Wednesday, D.A. Davidson reiterated its Buy rating and $78.00 price target on Herbalife Ltd.

. D.A. Davidson noted, “We are adjusting our 2013 EPS estimate to $4.75, previously $4.85, and introducing our 2014 forecast of $5.55. The tax rate assumption we used went from 26.8% to 28.4% on company guidance. We remain ahead of guidance due to our forecast that HLF will repurchase more shares than what is already included in guidance. We reiterate our $78 price target, which is based on 16.4x our 2013 EPS estimate. We rate HLF BUY. More to follow after Wednesday's conference call at 11:00 AM ET.” Herbalife Ltd. closed on Tuesday at $39.74.