Monster Beverage double downgraded to Sell at Truist

As previously reported, Truist downgraded Monster Beverage to Sell from Buy with a price target of $46, down from $65. While the firm still views Monster as “a great company,” it no longer sees it as a high growth story. In addition, the firm believes the Street is too bullish on a gross margin recovery for the company despite structural headwinds and it sees “no reason why the stock should continue to hold a super premium multiple to its multinational beverage peers,” the analyst tells investors.