Markets & Finance

USB Piper Lowers Hain Celestial to 'Neutral'

USB Piper downgraded Hain Celestial (HAIN) 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.

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