Citigroup lowers rating for Hansen’s; Opens 7% lower

Aug 3 (Reuters) – Citigroup on Thursday lowered its rating on Hansen Natural Corp. (HANS.O: Quote, Profile, Research) to “hold” from “buy” and reduced its target price to $51.00 from $51.25.

In a research note, the brokerage said it found the stock less compelling as it had appreciated 42 percent over the past few months.

Shares of the company fell more than 7 percent to $42.55 in morning trade on the Nasdaq. (Reporting by Renu Pariyadath, Amitha Rajan in Bangalore)