UPDATE: Argus Downgrades Herbalife, Shares Down 37% Since Investigation Announcement

On Friday, Argus Research downgraded shares of Herbalife HLF from Buy to Hold, a little over a week after the FTC initiated an investigation of the company. Shares of Herbalife are down 2.1 percent Friday and have been sliding since the investigation was announced on March 12, falling 37 percent. Argus said the shares are trading at “8.6-times our revised 2014 EPS estimate, toward the low end of the historical average range of 6-23 and below the peer group average of 15...and the core business remains solid.” Argus reaffirmed the five-year Buy rating.