Shares of Hansen Natural Corp. soared as much as 10 percent Friday after a Goldman, Sachs & Co. analyst recommended buying the stock.

Analyst Andrew Sawyer upgraded the stock, which had performed erratically over the last two months due to a poor 2007 annual earnings forecast the beverage maker issued in May. The Corona company, which had been hot stock last year due to the rising sales of its popular Monster energy drink, also has suffered from a probe into its stock option practices.

However, the company met a Nasdaq deadline last month for filing its past-due earnings reports, which were delayed due to the probe. The investigation uncovered no wrongdoing.

Sawyer upgraded Hansen from a “neutral” to a “buy” rating, noting that Hansen’s sales should benefit from better distribution through an agreement it signed with Anheuser-Busch Cos. in February. The analysts also cited strong expansion into Europe as another sign of success.

Hansen was downgraded in February by Goldman Sachs and JP Morgan because of increased marketing efforts by Red Bull, the leading energy drink in the U.S. The firms also said rising prices for artificial sweetners and aluminum would cut into its bottom line.

The company’s shares have gained 15 percent over the past week and were up $3.97, or 10 percent, in afternoon trading Friday on the Nasdaq.