Monster Beverage price target lowered to $60 from $67 at Citi

Citi lowered the firm’s price target on Monster Beverage to $60 from $67 and keeps a Buy rating on the shares. Post the recent staples underperformance, the analyst views sector valuations as more attractive. Into the Q3 reports, the firm continues to favor names with more emerging market exposure and lower private label penetration. Citi still expects near-term gross margin upside in Q3 but believes the market will not reward earnings beats on margins without solid sales trends.