Monster Beverage shareholder meeting tone ‘constructive’, says RBC Capital

RBC Capital keeps an Outperform rating and $65 price target on Monster Beverage (MNST) following the company’s shareholder meeting. The tone of the discussion was “constructive”, and while the management acknowledged the pressure on the energy category in the U.S., especially in C-stores, it sounded positive on non-tracked channels and international growth, the analyst tells investors in a research note. RBC adds it is “very bullish” on the hiring of Rob Gehring as Chief Growth Officer and believes he brings a “very unique perspective” to Monster, having worked at Coca-Cola (KO) and several bottlers.