Monster Beverage price target raised to $113 from $105 at Stifel

Stifel analyst Mark Astrachan raised the firm’s price target on Monster Beverage to $113 from $105 and keeps a Buy rating on the shares. Based on "a build-up of contribution from innovation," a carryover of price increases from 2022 across most geographies, and estimated international sales, Astrachan estimates Monster could achieve 15% sales growth in 2023, compared to the consensus forecast for 11% growth.