UPDATE: Goldman Sachs Reiterates Buy Rating, Lowers PT on Monster Beverage Corporation

In a report published Monday, Goldman Sachs Group reiterated its Buy rating on Monster Beverage Corporation

, but lowered its price target from $79.00 to $75.00. Goldman Sachs noted, “MNST shares have remained under pressure on regulatory fears and concern over sales deceleration, which has driven its multiple down to 23-24X NTM P/E from the peak of 34X. While trading could be choppy in the very near term, we remain CL-Buy and still see nearly 40% upside potential over the next 12 months as: (1) upcoming c-store data could mark the trough for MNST's US sales growth; (2) we see the potential for sentiment to improve on new product news and reassuring 3Q12 earnings; and (3) at this stage we are less convinced of an onerous regulatory outcome.” Monster Beverage Corporation closed on Friday at $53.77.