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Monster Beverage Drops on Mixed Quarter

Monster Beverage analysts are mixed in their assessment of the drinks producer's recent quarter. The stock is lower.
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Shares of Monster Beverage  (MNST) - Get Report dropped Friday after the company reported first- quarter earnings that lagged estimates while sales beat. 

Shares of the Corona, Calif., beverage company at last check were down 3.9% to $91.34. 

Monster reported earnings of 59 cents a share on revenue of $1.24 billion. Analysts surveyed by FactSet were expecting earnings of 61 cents a share on revenue of $1.22 billion.

The company also said that it would face an aluminum shortage in North America and Europe.

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"In order to satisfy increased consumer demand, we are sourcing aluminum cans in excess of our contracted volumes from South America and Asia," Co-Chief Executive Hilton Schlosberg. 

Analysts at Goldman Sachs reiterated their buy rating and $107 price target. 

The investment firm says "strong sales and accelerating growth narrative should predominate and [any weakness is] a buying opportunity." 

The firm also says Monster has a "very robust innovation pipeline this year and beyond."

Truist analyst Bill Chappell rates the company buy and raised his price target to $115 from $105. Monster has "incredible sales momentum" and should benefit from increased travel and convenience-store foot traffic. 

JPMorgan analyst Andrea Teixeira rates the company neutral with a $96 price target. "The quarter will likely be looked at very differently by bulls and bears given the diverging trends and outlook in the gross margins and top line."