Stifel Nicolaus raises its price target on Buy-rated Monster Beverage Corporation MNST up $3, to $64, following solid Q4 that keeps the growth story intact.
Stifel Nicolaus says, "Monster Beverage Corp. reported 4Q11 results with EPS of $0.35, compared to our $0.38 estimate and Street consensus of $0.36. 29% y/y sales growth was below our 34% estimate though DSD segment sales (i.e., energy drinks) increased 31% y/y. Importantly, the company indicated sales in January 2012 increased 34% y/y, a material acceleration on a two-year stacked basis, given extremely tough y/y comparisons (lapping approximately 50% y/y growth in January 2011)."
MNST closed at $54.87 a share yesterday.
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