Stifel lowered the firm’s price target on Monster Beverage to $57 from $63 and keeps a Buy rating on the shares. The price target reduction reflects slowing sales growth in U.S. scanner data tracked channels. The firm removed Monster Beverage from its Select List given the view that shares are likely to remain range-bound until U.S. sales trends return to growth, which is anticipated in Q4, benefiting from pricing, innovation, and more favorable year over year comparisons.
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