Monster Beverage price target raised to $60 from $57 at Wells Fargo

Wells Fargo analyst Chris Carey raised the firm’s price target on Monster Beverage (MNST) to $60 from $57 and keeps an Overweight rating on the shares. The firm says that in June, it made two arguments, namely slowing wasn’t structural, but rather a function of lapping innovation and pricing; and Monster Beverage would be a stock to own into the second half of the year, as a structural bear case loses steam as trends sequentially improve. Wells emerges feeling it’s on track and likes the Monster Beverage setup into 2025, even if core Monster will take time to improve progressively into summer 2025 and the company’s Q3 could be noisy.