Piper Sandler analyst Michael Lavery last night upgraded Monster Beverage (MNST) to Overweight from Neutral with a price target of $74, up from $54. The company’s Q2 revenue growth was better than expected and its global July shipment figures were up over 20%, driven by better gains outside the U.S., the analyst tells investors in a research note. Piper cites better visibility on sustainable sales and margin momentum for the upgrade. It believes the stock re-rating for Monster is sustainable.
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