Wedbush Maintains Underperform on USANA Health Sciences

Wedbush is out with its report today on USANA Health Sciences USNA, maintaining Underperform. In a note to clients, Wedbush writes, "With the possibility of increased attrition in the U.S. associate base potentially challenging that region further, combined with greater cost risk and business complexity from the company entering China, we believe shares of USNA should trade at a 20% discount to the peer group average. Thus, using an EV/2012E EBITDA multiple of 5.5x (a 20% discount to the peer average), we generate our price target of $33." Shares of USNA closed Wednesday at $32.69, down 1.98% from Tuesday's close.