UPDATE: Stifel Raises Price Target On Monster Beverage On Updated 2015-2017 Estimates

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

, and raised the price target from $115.00 to $130.00. In the report, Stifel noted, “We update our 2015-2017 estimates to reflect a 1Q15 Coke deal close (was year-end 2014) and more equity dilution given a higher MNST share price. We also lift 2016 and 2017 EBITDA estimates by 5% and 8%, respectively, accounting for accelerating U.S. sales growth and greater than previously modeled international sales and profit expectations, including the flow-through of some cost savings from the Coke transaction. Accordingly, we lift our 12-month price target to $130 (was $115), 29x 2017E EPS.” Monster Beverage closed on Monday at $111.96.