Monster Beverage price target raised to $118 from $113 at Argus

Argus analyst John Staszak raised the firm’s price target on Monster Beverage to $118 from $113 and keeps a Buy rating on the shares. The analyst contends that shares remain attractive despite investor concerns about rising input costs and higher freight rates. Staszak further adds that Monster’s lower earnings in Q3 reflected shortages of aluminum cans and higher transportation costs as he raises his FY22 EPS view by 4c to $2.56 and his FY23 view by 1c to $3.16, both of which are above consensus.