According to a research report this morning, Goldman Sachs raises its PT on Monster Beverage MNST from $77 to $82 following an outperform in share price.
Goldman Sachs explains, “We reiterate our CL-Buy and raise our 12-month price target by $5 to $82 as we see two key drivers of further share price outperformance. First, we raise our EPS estimates by 3.7%/7.6% in 2013/2014 to better reflect a ramp-up in International profitability after conducting a fresh analysis on International margin potential. Second, we see an increasing likelihood of a sizable and accelerated share repurchase program that would enable MNST to better deploy its $800mm in net cash.”
Monster Beverage closed Friday at $70.54.
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