Monster Beverage (MNST) PT Lowered to $56 at BMO Capital

BMO Capital analyst Andrew Strelzik lowered the price target on Monster Beverage (NASDAQ: MNST) to $56.00 (from $58.00) while maintaining a Market Perform rating.

The analyst commented, "1Q24 EPS of $0.42 fell $0.01 below consensus as higher operating expenses more than offset in-line sales and slight gross margins upside. Despite concerns of slowdown, MNST realized +10.7% sales growth, though April decelerated ex extra selling days. MNST announced $3 billion tender offer. Co-CEOs will participate, enabling succession as Rodney Sacks will reduce day-to-day role in 2025 (remaining Board Chair) with co-CEO Hilton Schlosberg becoming CEO. We lower our target and reduce EPS for higher costs (does not include tender), acknowledging potential upward tension from tender."

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