UPDATE: Credit Suisse Initiates Coverage On Monster Beverage
Credit Suisse Wednesday initiated coverage of Monster Beverage (NASDAQ: MNST) with an Outperform rating and a target price of $82.
Credit Suisse analyst Michael Steib assigned the rating based on what he describes as some of the best top- and bottom-line growth in the CPG sector, thus justifying the stock's high valuation.
Steib cites key growth drivers being an attractive channel mix, leadership in one of the most attractive beverage categories and favorable socioeconomic and demographic trends in the U.S. and international expansion.
Monster Beverage shares closed Tuesday at $66.74.
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