UPDATE: JPMorgan Upgrades Monster Beverage (MNST) to Overweight

JPMorgan analyst Andrea Teixeira upgraded Monster Beverage (NASDAQ: MNST) from Neutral to Overweight with a price target of $106.00 (from $96.00).

The analyst comments "We have an Overweight rating for Monster shares. Even considering the potential deceleration of underlying top-line growth (ex-COVID-19) from low teens to high single digits or low double digits globally, Monster remains one of the best growth stories in our coverage universe, with a strong track record of delivering an above-average earnings CAGR over the past 10 years. Despite the increased competition and the fragmentation of the broader energy/caffeinated drinks category, we think MNST will continue to benefit from an enlarged pie and recruitment in the high growth energy drink category along with its superior distribution under the CocaCola Company bottling system."

For an analyst ratings summary and ratings history on Monster Beverage click here. For more ratings news on Monster Beverage click here.

Shares of Monster Beverage closed at $93.72 yesterday.

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