Monster Beverage price target raised to $85 from $75 at Piper Sandler

Piper Sandler analyst Michael Lavery raised the firm’s price target on Monster Beverage (MNST) to $85 from $75 and keeps an Overweight rating on the shares. The firm continues to believe Monster is well-positioned for strong, sustainable top-line growth momentum, particularly driven by its zero sugar offerings, where it continues to focus its innovation efforts. Category growth continues to be driven by daypart usage expansion, relatively favorable price comparisons to other beverages, and functionality. Piper thinks upside momentum to its gross margins is sustainable, driven by modest pricing and product mix.