Monster Beverage price target lowered to $60 from $65 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Monster Beverage to $60 from $65 and keeps an Overweight rating on the shares after the company hosted its annual shareholder meeting, where the firm says “there was not a lot of new news.” Noting that U.S. energy category growth and Monster’s share in scanner data was weaker than expected in Q2-to-date, the firm is lowering its Q2, FY24 and FY25 revenue estimates by 2%, 1.5% and 1.5%, respectively, and its EPS estimates by 5%, 2.5% and 2.5%, respectively.