Monster Beverage price target lowered to $60 from $64 at RBC Capital

RBC Capital lowered the firm’s price target on Monster Beverage to $60 from $64 but keeps an Outperform rating on the shares after its Q2 earnings miss. The company reported a tough quarter despite a low bar, but while the US softness was expected, International could not offset the pressures amid impact from supply chain issues, the analyst tells investors in a research note. The category is seeing near-term pressure, but in the long-term, category dynamics remain favorable, and Monster can sequentially improve in the back half, the firm added.