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Goldman Sachs Cuts Estimates for Hansen Natural

From Standard & Poor's Equity Research

Hansen Natural (HANS) reported second-quarter earnings per share of 28 cents, vs. 16 cents a year ago. Goldman Sachs cut its estimates and price target, but kept a buy recommendation on the stock.

Analyst Andrew Sawyer says 28 cents second-quarter EPS was well below his 34 cents estimate, and only slightly above the 27 cents consensus forecast (when excluding his estimate). He says this is likely to disappoint market participants that were likely hoping to see 31 cents to 32 cents EPS at a minimum.

Sawyer notes expenses were 4 cents higher from both packaging innovation (COGS), merchandising spending (SG&A) due to renegotiated shelf programs and new merchandisers. He also notes that 2 cents of the miss came as 93% sales growth was short of his 95% estimate.

He cut $1.25 2006 EPS estimate to $1.12, and $2.06 for 2007 to $1.81. He cut his target by $7.50 to $55.

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