Monster Beverage (MNST) PT Lowered to $56 at Roth/MKM

Roth/MKM analyst Sean McGowan lowered the price target on Monster Beverage (NASDAQ: MNST) to $56.00 (from $59.00) while maintaining a Neutral rating.

The analyst comments "Despite the reduced share count and higher EPS resulting from its recently completed Dutch tender offer, we are reducing our target price from $59 to $56 out of concern for slowing growth in MNST's core US energy drink sales. We expect MNST to continue expanding into beverage segments in which it enjoys less dominance. While our revenue estimates remain unchanged at present, we believe the growing perception that MNST's best growth days are behind it will continue to weigh on its valuation."

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