In a report released today, Kevin Grundy from Jefferies maintained a Buy rating on Monster Beverage Corp (NASDAQ: MNST), with a price target of $63. The company’s shares closed yesterday at $52.83.
Grundy said:
“We lift our FY19-20 EPS est. by ~3% following MNST’s upbeat shareholder meeting, our positive US survey, and strong US Nielsen data. Mgmt was bullish on the cos. growth prospects, acknowledged the recent US acceleration, and importantly intends to take price later this year to address recent GM % pressure. Our survey suggests increased consumption among the core energy drink consumer is helping to fuel growth. Reit. Buy w/shares trading at 19.5x EV/EBITDA.”
According to TipRanks.com, Grundy is a 4-star analyst with an average return of 4.4% and a 60.3% success rate. Grundy covers the Consumer Goods sector, focusing on stocks such as Coca-Cola European Partners, Edgewell Personal Care, and Colgate-Palmolive.
Currently, the analyst consensus on Monster Beverage Corp is Moderate Buy and the average price target is $60.57, representing a 14.7% upside.
In a report issued on June 5, Evercore ISI also reiterated a Buy rating on the stock with a $65 price target.
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The company has a one-year high of $70.22 and a one-year low of $47.61. Currently, Monster Beverage Corp has an average volume of 3.48M.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is neutral on the stock.
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Monster Beverage Corp. is a holding company which engages in the development, marketing, sale, and distribution of energy drink beverages and concentrates. It operates through the following segments: Finished Products, Concentrate, and Other. The Finished Products segment consists of the Monster Energy drink products.
