Piper Sandler downgraded MNST to “neutral” from “buy”
Piper Sandler downgraded energy drink name Monster Beverage Corp (NASDAQ:MNST) to “neutral” from “overweight” today. The firm cited the company’s retail sales growth, which looks “likely to lag to historical levels,” and cut its price objective to $50 from $63. Deutsche Bank also threw in a minor price-target cut to $61 from $62.
MNST is up 0.8% at $50.54 at last glance, recovering form its earlier losses. The stock has picked up from its mid-October lows, which had it trading at its lowest levels in a little under a year, though it is now stalling at the $51 level. The descending 20-day moving average is providing a firm line of pressure as well. Hovering below its year-to-date breakeven level, MNST is up 12.7% in the last year.
The stock could see more bear notes, too, as 16 of the 23 analysts in coverage carry a “buy” or better rating. Plus, the 12-month consensus price target of $60.09 is an 18.6% premium to current levels.