UPDATE: Citi Raises PT on Hansen Natural to $65 (HANS)

Citi is out with its report today on Hansen Natural HANS, raising its PT from $58 to $65. In a note to clients, Citi writes, "Despite an impressive 1Q11 beat and solid revenue growth, we believe growth trends will moderate for the remainder of the year (from nearly 50% in 1Q11 to high-teens). Admittedly, however, we remain conservative on estimates given limited visibility into international expansion execution. We are raising our target price to $65 based on a 20x multiple on our 2012 estimate of $3.28. Over the last five years, HANS has traded at an average 50% premium to the market multiple, or on an absolute basis at an average of 21x." Citi maintains Hold on HANS. At the time of posting, shares of HANS were trading pre-market at $64.00, down 1.14% from Friday's close.