Wells Fargo raised its price target for Monster Beverage Corp. to $50.00 from $48.00 and reiterated its Overweight rating. The bank cited strong global revenue trends ahead of the company’s third-quarter earnings report and said Monster could beat revenue expectations.
Wells Fargo said product innovation is broadening. Multi-year growth data points to potential mid-single-digit growth in the coming months. The bank noted that Monster’s price-to-earnings ratio has risen, but said strong fundamentals could continue to support the valuation. Other institutional investors have also been actively trading the company’s shares.