Monster Beverage price target raised to $105 from $97 at Wells Fargo
Wells Fargo analyst Chris Carey raised the firm's price target on Monster Beverage to $105 from $97 and keeps an Overweight rating on the shares. The firm notes that over the past decade, Monster pushed push 40-times and more for the next twelve months price to earnings in four distinct cycles and traded over two times the S&P 500 for much of this time period. Wells' current target of 42-times is 120% premium to the market, in-line with historical peak, justified by fundamental strength.
Wells Fargo analyst Chris Carey raised the firm's price target on Monster Beverage to $105 from $97 and keeps an Overweight rating on the shares.
The firm notes that over the past decade, Monster pushed push 40-times and more for the next twelve months price to earnings in four distinct cycles and traded over two times the S&P 500 for much of this time period.
Wells' current target of 42-times is 120% premium to the market, in-line with historical peak, justified by fundamental strength.