Monster Beverage price target lowered to $50 from $56 at Roth MKM

Roth MKM lowered the firm’s price target on Monster Beverage to $50 from $56 and keeps a Neutral rating on the shares. The company’s Q2 results showed a miss on revenue and adjusted EBITDA amid industrywide weakness within energy drinks and alcohol categories, lower foot traffic in the convenience channel, and adverse currency movements, the analyst tells investors in a research note. The continued domestic weakness in energy drinks and the alcohol segment is likely to largely offset strength outside of North America, the firm adds, reducing its FY24 adjusted EBITDA view to $2.27B from $2.44B.