Lebedyansky has had its share coverage lowered, despite the release of a healthy set of first half figures earlier this week.

Citigroup today (13 September) reduced its rating of the Russian juice, mineral water and baby food producer to 'hold' from 'buy'. The bank highlighted a "notable price margin decline" in Lebedyansky's first half results.

At the same time, Citigroup cut its price target to US$99 per share from US$102.

Earlier this week, the company said that operating profit for the six months to the end of June was up by 17% year-on-year, hitting US$92.3m. Sales for the period also rose, by 9% to US$78.2m.

Margins were hit - albeit minimally - by global purchasing price increases for raw materials. Juice gross margins slipped in the half from 41.7% a year earlier to 41.2%.