Monster Beverage price target raised to $64 from $61 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Monster Beverage to $64 from $61 and keeps a Buy rating on the shares following the analyst day. The event provided updates around Monster’s U.S. pricing plans, gross margin recovery objectives, innovation slate for 2024, marketing and promotional event programs, and share repurchase activity, the analyst tells investors in a research note. The firm left the event with its constructive view on the shares “generally reaffirmed,” and it would be buyers of any near-term disappointment stemming from management’s continued deliberation of 2024 price increases and/or “seemingly guarded” Q4-related gross margin commentary.