) to neutral from buy.
Analyst Steve Denault says the downgrade was based on limited visibility and the expectation Hain would miss numbers for a second consecutive time. He questions the company's internal forecasting ability, saying it simply isn't what it should be. Denault says he'll sit on the sidelines for a couple quarters to see if the company can outperform the market. He cut the $0.20 Q4 EPS estimate to $0.07, and cut the $1.10 fiscal 2002 (June) estimat to $1.00.