Monster Beverage price target raised to $115 from $105 at Evercore ISI

Evercore ISI analyst Robert Ottenstein raised the firm’s price target on Monster Beverage to $115 from $105 and keeps an Outperform rating on the shares. Monster Beverage remains one of the premier growth stories in Staples and margin inflection accelerating in 2023 and continuing into 2024 is a positive for shares, Ottenstein tells investors in a research note. Its analyst day provided insight into the "strong" innovation pipeline, including Beast Unleashed and Monster Zero Sugar, the industry and cost environment, and use of cash.