NEW YORK, March 26 (newratings.com) - Analysts at Wedbush Morgan maintain their "buy" rating on Herbalife Ltd (ticker: HLF), while raising their estimates for the company. The 12-month target price is set to $47.

In a research note published this morning, the analysts mention that the company has received an approval to conduct its direct selling activities in China. Herbalife continues to raise its marketing spending on its brand building initiatives in order to improve its name recognition worldwide, the analysts add. The EPS estimate for 2008 has been raised from $2.80 to $2.85 to reflect the impact of the direct selling approval.