UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Monster Beverage
In a report published Wednesday, Goldman Sachs Group reiterated its Buy rating on Monster Beverage Corp. (NASDAQ: MNST), and raised its price target from $58.00 to $61.00.
Goldman Sachs noted, “We attended the MNST Investor Day meeting in New York. We tweak up our out-year estimates by around 2% to reflect a quicker pace of share buyback than we estimated before. MNST has already bought back more than $300mn in shares in 4Q, versus our prior estimate of $150mn.”
Monster Beverage Corp. closed on Tuesday at $54.91.
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