Monster Beverage (MNST) PT Lowered to $61 at Jefferies

Jefferies analyst Kaumil Gajrawala lowered the price target on Monster Beverage (NASDAQ: MNST) to $61.00 (from $68.00) while maintaining a Buy rating.

The analyst comments "The slowdown across beverages and soft Memorial Day trends warrants a reset. We lower our '24 growth forecast by -55bp to +10.7%, with US only growing +5.4%...the slowest in a decade. Not great, but not terminal. It's more likely than not we are in an air pocket. Meanwhile, incremental rollouts like Bang & Reign should boost growth. For MNST shares, we remind investors Monster has historically timed its share repos very well (and they just bought a lot)."

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