RBC Capital raised the firm’s price target on Monster Beverage (MNST) to $88 from $86 and keeps an Outperform rating on the shares. The company reported an exceptionally strong print, and while the firm was expecting top-line strength, it did not anticipate magnitude of this upside, the analyst tells investors in a research note. Monster is not only seeing robust category growth globally but is delivering improving relative performance as the international business shows no signs of slowing, the firm added.
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