As previously reported, Guggenheim analyst Laurent Grandet downgraded National Beverage to Sell from Neutral after having "drastically reduced" his LaCroix sales growth expectations and cut his gross margin and EPS estimates accordingly following the company's quarterly report. LaCroix's prolonged U.S. softness following negative media attention regarding the "natural" claim of the brand's flavorings has not changed and now the category has becoming increasingly competitive, which gives Grandet more conviction that a rebound is unlikely, he tells investors in a note partially titled "Zero Calories, Zero Sweeteners, Zero Growth." Grandet cut his price target on National Beverage shares to $45 from $72.