Monster Beverage price target raised to $66 from $60 at Roth Capital

Roth Capital raised the firm’s price target on Monster Beverage (MNST) to $66 from $60 and keeps a Neutral rating on the shares. Q3 results exceeded the firm’s estimates across all performance metrics, especially adjusted EBITDA, the analyst tells investors. While the firm acknowledges that the company has performed better than we expected this year, it views shares as fairly valued with the stock rising 33% year-to-date and adds that recent scanner data suggests the energy drink category has begun to slow to more “normal” growth rates.