UPDATE: Stifel Nicolaus Raises PT to $83 on Monster Beverage Corporation on Strong Demand

Stifel Nicolaus reiterates its Buy rating on Monster Beverage Corporation MNST and establishes a price target of $83. Stifel Nicolaus says, "At its annual shareholder meeting, Monster Beverage Corp. said gross sales in May 2012 increased approximately 33% y/y, inline with April (normalizing for sell-in ahead of the April rollout in Japan) and an acceleration from 1Q12 and 2011 growth rates. We believe this indicates demand for Monster Energy remains robust and estimate the company will achieve a 15% sales CAGR through 2015 resulting from continued U.S. share gains, innovation, and international expansion." MNST closed at $76.10 on Friday.