Monster Beverage price target raised to $79 from $75 at Jefferies

Jefferies analyst Kaumil Gajrawala raised the firm’s price target on Monster Beverage (MNST) to $79 from $75 and keeps a Buy rating on the shares. The firm is positive on the company ahead of its Q3 print, where it is expected that Q3 sales and EPS will beat as U.S. retail sales grew 9% during the quarter. The broader category remains a standout in Staples, Monster’s innovation is proving incremental, pricing is helping offset cost pressures, and there’s a revenue growth management opportunity, the analyst tells investors in a research note.