Shares of organic and natural food manufacturer Hain Celestial (NASDAQ:HAIN) fell today after Piper Sandler downgraded the company to neutral. This can be attributed to Piper Sandler’s belief that pressure on European consumers will negatively impact HAIN’s financial results.
Inflation has been much worse in Europe, especially in the UK, where its most recent CPI report topped 10%. Given that 20% and 7-8% of HAIN’s revenues come from the UK and the EU, respectively, Piper Sandler’s caution appears to be justified.
Is HAIN a Good Stock to Buy?
HAIN stock has a Moderate Buy consensus rating based on five Buys, three Holds, and zero Sells assigned in the past three months. The average HAIN stock price target of $26.88 implies 69.3% upside potential.
