UPDATE: Wedbush Initiates Coverage On Hain Celestial Group As Strong Distribution And M&A Trends Should Drive Shares Higher

In a report published Wednesday, Wedbush Securities analyst Phil Terpolilli initiated coverage on Hain Celestial Group Inc. (NASDAQ: HAIN) with an Outperform rating and $72.00 price target.

In the report, Wedbush Securities noted, "We are launching coverage of HAIN with an OUTPERFORM and $72 target price. We believe HAIN is likely to be a primary beneficiary of the shift towards healthy eating across food channels. Furthermore, the company's aggressive M&A strategy and productivity efforts should provide additional upside to sales growth. With healthy eating trends accelerating and increased values for M&A deals over recent quarters, we believe HAIN will trade at a premium to historical averages."

Hain Celestial Group closed on Tuesday at $62.34.