UPDATE: Stifel Reiterates Buy Rating, Lowers PT on Monster Beverage Corporation on Lowered Revenue Growth Estimates

In a report published Wednesday, Stifel analyst Mark Astrachan reiterated a Buy rating on

, but lowered the price target from $78.00 to $75.00. In the report, Stifel noted, “We lower our 2014 and 2015 revenue growth estimates by 110bps to 8.5% and 8.2%, respectively, with 2Q14 anticipated y/y growth now at 8.9%, was 9.9% and compared to consensus of 10.6%. Revenue revisions reflect slowing U.S. and Europe energy drink category growth, based on channel checks and our analysis of scanner data. We reduce our 2014 and 2015 EPS estimates to $2.53 (was $2.55) and $2.85 (was $2.92), reflecting higher gross margin in 2014 due to product mix and benign input costs offset by lower anticipated revenue.” Monster Beverage Corporation closed on Tuesday at $69.07.