The lower price target and unchanged rating come after the natural and organic food company reported 2016 second quarter earnings results after the market close yesterday that beat analysts' expectations.
"While the near-term challenges were largely known and quantified heading into the quarter, we believe the Q2 report and reiterated guidance generally offered the consistency that should add to confidence incrementally," the firm said in an analyst note.
Canaccord Genuity sees further downside risk as fairly limited due to the historic and relatively modest valuation and better aligned expectations to current trends.
The Lake Success, NY-based company manufactures, markets, distributes and sells organic and natural products under brand names.
Shares of Hain closed down by 5.84% to $34.85 on heavy trading volume on Tuesday.
About 3.27 million of the company's shares were traded today, compared to its average volume of 1.93 million shares per day.
Separately, TheStreet Ratings Team has a "hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth.
As a counter to these strengths, the team also finds weaknesses including a generally disappointing performance in the stock itself and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HAIN