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.
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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.
