UBS Lifts Monster
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Monster Beverage Corp (NASDAQ: MNST) shares are trading higher by $1.83 at $129 in Friday's session. The catalyst for the move is an upgrade from UBS analyst Stephen Powers -- from Neutral to Buy -- along with a price target from $148 to $154.
The ratings change instigated a higher opening ($128.69 vs. Thursday's close of $127.17) that was followed by a brief decline to $128.30 before resuming the move higher.
Within thirty minutes of the open it rallied to $129.91 before retreating to its current level. That level falls in between its May 28 ($130.25) and May 29 high ($129.55).
The issue has been coming a pullback from its all time high that was made on May 7 at $144.35. The ensuing decline put in a trio lows between $124.18 and $124.78 from June 8-10, that provided the foundation for rebound.
The previous analyst move was made by Susquehanna on May 12, which maintained its Neutral rating but lowered its target from $127 to $121.
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