Hain Celestial downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst David Palmer downgraded Hain Celestial to In Line from Outperform with a price target of $24, down from $30, following news that CEO Mark Schiller is retiring. Both the company’s strategy and path to recovery "are unclear" with the appointment of a new CEO, Palmer tells investors in a research note. The analyst now applies a lower multiple to Hain’s European business citing limited visibility into the recapture of the lost non-dairy milk contract and deleverage in the U.K. as units continue to decline with the shift to private label in response to regional macro pressures.