RBC Capital analyst Nik Modi raised the firm’s price target on Monster Beverage to $65 from $60 and keeps an Outperform rating on the shares. The company’s robust January sales growth of over 20% “stole the show” in its Q4 results, the analyst tells investors in a research note. Shipments tied to shelf resets for Spring benefited January shipments, and Monster was also able to solve some supply chain issues, which likely helped January sales, the firm added.
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