BMO Capital raised the firm’s price target on Monster Beverage to $58 from $57 but keeps a Market Perform rating on the shares. The company’s analyst day business update with co-CEOs Rodney Sacks and Hilton Schlosberg saw commentary that was largely positive in terms of 2024 outlook, though its Q4 may be messy as Monster Beverage appeared to talk down quarterly gross margins and expects an impairment charge, the analyst tells investors in a research note. The stock is positioned for another strong year in 2024 with pricing seen an incremental lever, but the firm adds it would be opportunistic at a “more attractive entry point” as shares currently trade at 32-times its expected FY24 EPS, BMO added.
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