Piper Sandler analyst Michael Lavery last night downgraded Hain Celestial to Underweight from Neutral with a price target of $17, down from $19. The analyst sees risks to the company’s fiscal Q4 implied guidance and says consensus expectations for fiscal 2024 earnings are still too high, perhaps by 10%-15% or more. Hain’s new CEO Wendy Davidson clearly indicated on the earnings call the need for higher brand spending, the analyst tells investors in a research note. Piper sees risks to 2024 estimates from higher spending.