Shares of American food company Hain Celestial Group (HAIN - Get Report) is the top pick in the consumer staples space, according to market researcher Wolfe Research who reiterated its "Outperform" rating on the company's stock.

Wolfe says previous headwinds including accounting matters, the changing industry dynamics, and various challenges appear to be behind the company.

The firm's research also concludes that Hain's "brands and positioning, given the demand by consumers for better-for-you foods, remain very much on-trend."

Wolfe updated its analysis into the company's asset value, concluding that Hain's stock its worth "well-more" than its current price.

That conclusion is based on Hain's focus on shareholder value, a review of its businesses for its strategic shift, and the filing last month by Engaged Capital that it had built a sizeable position in the company.

Wolfe has a calendar year-end 2018 price target of $63 per share. Shares of Hain Celestial closed higher 4.01% to $41.74 per share on Wednesday. 

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