Analysts rave over Monster Beverage after investor event
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Evercore ISI is even more constructive on Monster Beverage Corporation (NASDAQ:MNST) after taking in the company's investor event on Tuesday.
MNST is called one of the premier growth stories in the consumer staples sector and margin inflection accelerating in 2023 and continuing into 2024 is expected to be a positive for shares Analyst Robert Ottenstein identified several drivers of outperformance for Monster. For starters, Beast and Monster Zero are seen as the most important innovations from the beverage company in many years with distributors excited. Evercore also models margin improvement for MNST 2023 and 2024 as pricing sticks across the U.S. and Europe, and costs moderate vs. 2022 levels for expenses like freight, aluminum. Of note, Monster Beverage will also lap easier compares in 2023 and could see support from buyback activity. The strong U.S. focus of Monster Beverage is also seen as a competitive advantage this year. Evercore ISI reiterated an Outperform rating on MNST and bumped up its price target to $115.
Morgan Stanley also has Monster Beverage (MNST) slotted as a top beverage pick after factoring in the positive tone from management at the analyst day. Crucially, MNST was noted to have said that its 7% US price which went into effect last September 1 is sticking and price increases are planned for Europe. Morgan Stanley has an Outperform rating on MNST and price target of $117.
Meanwhile, Bank of America said it continues to view the setup for Monster Beverage (MNST) favorably this year as scanner remains solid, aluminum prices continue to decline, and the company seems eager to return to fire of buybacks regularly. The firm lifted FY22 EPS estimates, and reiterated a Buy rating. 
Shares of MNST moved up 0.40% premarket. 
Monster Beverage (MNST) was on Seeking Alpha's Catalyst Watch this week.