UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Monster Beverage Corp.

In a report published Wednesday, Goldman Sachs Group reiterated its Buy rating on Monster Beverage Corp.

, and raised its price target from $58.00 to $61.00. Goldman Sachs noted, “We attended the MNST Investor Day meeting in New York. We tweak up our out-year estimates by around 2% to reflect a quicker pace of share buyback than we estimated before. MNST has already bought back more than $300mn in shares in 4Q, versus our prior estimate of $150mn.” Monster Beverage Corp. closed on Tuesday at $54.91.