UPDATE: J.P. Morgan Raises Monster Beverage's PT

According to a research report published earlier today, J.P. Morgan has increased Monster Beverage's MNST PT from $47.50 to $70. In the report, J.P. Morgan commented, "We are raising our 2012 and 2013 estimates this morning to account for the continued strength in the energy drink category. While it is clear that the energy drink category and Monster in particular, have done well internationally, trends continue to come in better than expected here in the US. The convenience and gas channel (MNST's largest channel), has seen improvements in merchandise sales ex-tobacco over the past few quarters and thus far in 2012. We would not be surprised to see improvements in the channel in addition to the success of Monster Rehab to drive better than anticipated top line results for MNST through the remainder of the year." J.P. Morgan maintains its Neutral rating on Monster Beverage Corp., which closed Friday at $64.26.