Monster Beverage upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Monster Beverage to Overweight from Neutral with a price target of $63, up from $60. The share pullback makes Monster’s risk/reward more attractive, the analyst tells investors in a research note. While the company’s Q2 results were below expectations, there is nothing concerning about the business or its near and long term momentum, contends Piper. It remains bullish on the energy drink category specifically, especially with no private label presence, and expects Monster to continue to be well positioned.