UPDATE: Jefferies Downgrades Monster Beverage (MNST) to Hold

Jefferies analyst Kevin Grundy downgraded Monster Beverage (NASDAQ: MNST) from Buy to Hold with a price target of $92.00 (from $113.00).

The analyst comments "We downgrade MNST to Hold from Buy/lower our PT to $92 given: i) US mkt share losses are worrisome as emerging brands disrupt the energy drink category; ii) Supply chain issues likely into '22 w/category pricing still on-hold; iii) Intl. story in "middle-innings" seven yrs. into KO agreement. We cut our '22-23 EPS ests. by 8-9% and see risk at 23x EV/EBITDA, ~32% prem. to KO/PEP (in line w/five-yr avg.), though repeat of '19 de-rating to 15-20% prem. likely."

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 $87.94 yesterday.

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