Piper Sandler raised the firm’s price target on Monster Beverage (MNST) to $54 from $51 and keeps a Neutral rating on the shares. The firm notes the company reported Q1 revenue of $1.85B, versus consensus of $1.98B, and EPS of 45c, just below consensus of 46c. However, gross margins were up 240bps, well ahead of Piper’s estimate, driven by pricing. Gross margin gains are expected to slow but remain strong.
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