Monster Beverage pullback an opportunity, says Jefferies

Jefferies notes that Monster Beverage (MNST) shares are 11% off their February highs as higher gas prices, Red Bull share gains, and geopolitical uncertainty create “near-term noise.” However, long-term fundamentals remain intact, the U.S. Energy category continues to grow, food service unlocks a new growth avenue, and international and affordable initiatives should drive incremental upside, according to the analyst, who calls the pullback “an opportunity” and keeps a Buy rating and $100 price target on Monster shares.