Bernstein downgraded Hain Celestial (HAIN) to Market Perform from Outperform with a price target of $1.50, down from $8. The firm cites the “abrupt” CEO transition, announcement of a strategic review of the portfolio, “disappointing” results and guide-down, and adjustment to the company’s credit agreement suggest that it will be some time before the Hain is on a “firmer footing” for the downgrade. The analyst sees an ongoing low-teen level decline in snacks.
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