UPDATE: Goldman Sachs Reiterates Monster Beverage Corporation at Buy; Sees $90 Valuation In Two Years
Goldman Sachs maintained Monster Beverage Corporation (NASDAQ: MNST) with a Buy rating and a $61.00 price target.
Goldman Sachs commented, "We remain Buy rated on MNST and believe the stock is poised to reach north of $90 in two years. Notwithstanding the headline miss, we see three positives in the quarter: (1) The top-line miss was all International, which tends to be choppy and was negatively impacted by CCE's inventory alignment in EU, while US was largely inline; (2) January sales growth of 9.5%, lapping 34% year-ago growth, was towards the higher end of our expectation; and (3) gross margins came in better than expected and International was almost breakeven (loss of $0.7mm) in 4Q12."
Monster Beverage Corporation closed at $49.62 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.