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Fly News Breaks for February 13, 2017
HAIN
Feb 13, 2017 | 06:50 EDT
Jefferies analyst Akshay Jagdale says Hain Celestial revealed two new pieces of information post the market close on Friday: an SEC investigation and expansion in the scope of its accounting review. The analyst continues to expect the accounting review to result in a non-material impact on earnings. No material findings have been disclosed in any of Hain's correspondence since the review began 6-9 months ago and the board has completed an independent review that found no evidence of wrongdoing, Jagdale tells investors in a research note. He estimates a $30 share price in the worst case and $50 per share price in the best case. Jagdale sees upside in the name and keeps a Buy rating on Hain with a $50 price target.
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