Monster Beverage price target raised to $78 from $72 at Stifel

Stifel analyst Matthew Smith raised the firm’s price target on Monster Beverage (MNST) to $78 from $72 and keeps a Buy rating on the shares. Momentum continues in the U.S. energy drink category, while food at home volumes remain weak and elevated investments and inflation weigh on earnings growth, the analyst tells investors in a food and beverage stock Q3 preview. The firm maintains its positive weighting for energy drinks and neutral weighting for the food group, the analyst noted.