UPDATE: Stifel Nicolaus Raises Target to $123 on Monster Beverage Corporation

Stifel Nicolaus raises its target price on Monster Beverage Corporation (NASDAQ: MNST) by $28 to $123 and reaffirms its Buy rating on shares following continued strength on sales.

Stifel Nicolaus says, "We anticipate Monster Beverage Corp. will achieve sustained low double-digit sales growth over the next 3-5 years resulting from continued U.S. share gains, international expansion, and innovation. Nearer-term, we believe overall sales remain strong, led by International and Monster Rehab, though difficult comparisons will result in decelerating y/y growth in 1Q12."

MNST closed at $108.29 a share on Friday.