Monster Beverage price target raised to $120 from $100 at Truist

Truist analyst Bill Chappell raised the firm’s price target on Monster Beverage to $120 from $100 and keeps a Buy rating on the shares. The company’s Q4 earnings and revenue missed consensus expectations, but a combination of reduced gas prices, declining freight costs and planned price increases should further improve gross margins in FY23, the analyst tells investors in a research note. The firm remains positive on Monster’s long-term opportunity in the high-growth energy drink category, along with its "very clean balance sheet".