UPDATE: D.A. Davidson Downgrades USANA Health Sciences to Neutral on Valuation

In a report published Friday, D.A. Davidson analyst Tim Ramey downgraded the rating on USANA Health Sciences (NYSE: USNA) from Buy to Neutral, but reiterated the $80.00 price target.

In the report, D.A. Davidson noted, “We are downgrading USNA shares to NEUTRAL, previously Buy, given the unprecedented recent move in the stock; year-to-date the shares are virtually straight up and are now less than 15% away from our $80 price target. Over the past year the shares are up 77% and have risen 144% in two years. Despite the huge outperformance, the stock is only 13.4x our 2013 EPS estimate and 11.4x our 2014 estimate. The low valuation has allowed the company to consistently repurchase shares at very attractive and earnings-accretive prices. The company has raised earnings guidance every quarter since 2011. This track record is impressive and we continue to have confidence in the earnings growth going forward.”

USANA Health Sciences closed on Thursday at $69.91.