Herbalife (HLF) shares are soaring 5.41% in pre-market trading on Friday, following a significant upgrade from DA Davidson. The financial services firm has raised its rating on the global nutrition company from Neutral to Buy, sparking investor enthusiasm.
DA Davidson's upgrade comes with a substantial increase in their price target for Herbalife, now set at $14, up from the previous $7.50. This new target represents considerable upside potential from the stock's current trading levels. The firm's decision was influenced by a recent meeting with Herbalife's CEO, which appears to have boosted confidence in the company's direction.
Analyst Linda Bolton Weiser, who maintained a bullish stance on HLF stock, cited sustainable sales growth as a key factor in the upgrade. The positive outlook seems to be driven by Herbalife's strategic initiatives under its new leadership, suggesting that the company may be well-positioned for future growth in the global nutrition market.
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