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Fly News Breaks for June 30, 2017
HAIN
Jun 30, 2017 | 06:52 EDT
After Engaged Capital disclosed a 9.9% activist stake in Hain Celestial, JPMorgan analyst Ken Goldman says he has some doubts about how much can be done to "incrementally create value from here." The analyst thinks Hain can be improved fundamentally and sees some logic in trying to transform the board, but points out the company has already announced a 20% U.S. SKU reduction and the biggest cost savings program in U.S. food today. Further, Hain is unlikely to be sold outright and does not offer a compelling valuation, Goldman tells investors in a research note. He does not recommend shorting the stock, but tells investors to "be careful" before adding to positions. The analyst keeps a Neutral rating on Hain. The stock last night traded up 6% to $37.78.
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