Monster Beverage price target raised to $60 from $56 at Roth Capital

Roth Capital raised the firm’s price target on Monster Beverage (MNST) to $60 from $56 and keeps a Neutral rating on the shares. The company posted strong growth in Q2 – its best performance relative to expectations in some time – as revenue, gross margin and adjusted EBITDA were all much stronger than expected, the analyst tells investors in a research note. The U.S. energy beverage category has returned to consistent growth, and investors have responded, even though Monster’s U.S. growth still lags the category somewhat, the firm added.