Monster Beverage is a top beverage stock at Citi
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Monster Beverage Corporation (NASDAQ:MNST) pushed higher in morning trading on Friday after Citi started off coverage on the beverage stock with a Buy rating and price target of $121.
Analyst Filippo Falorni and team believe MNST offers the most compelling long- term growth potential in the sector. With solid growth anticipated in the U.S. and increase international distribution kicking, Citi forecast +11% long-term topline growth and +13% EPS growth out of MNST to outpace beverage peers.
"In the near-term, we see strong 2023 organic sales growth supported by significant innovation and solid market share trends, coupled with a gross margin recovery on lower can costs (both aluminum and import costs) and pricing contribution."
Shares of Monster Beverage (MNST) are closing in again on their 52-week high of $105.45. See the advanced trading chart.