"We make Monster our top pick with a $75 target," wrote the Credit Suisse analysts. The stock was trading at $55.06 in premarket trading Thursday, up 0.33%.
Several events have pressured the stock, which Credit Suisse said were now overpriced into the stock.
The stock has declined 14% in the past month but the analysts said, "We believe the confluence of recent events - i.e., rapid share gains by new competitor Bang, a miscalculation on Red Bull's intention to take pricing, and unfavorable weather in California - does not put the Monster story at risk." .
"At 26x, Monster shares are trading near levels seen before aligning with Coke," Credit Suisse said. Monster's forward earnings multiple of 26 is slightly above Coca Cola's (KO - Get Report) 20 and PepsiCo's (PEP - Get Report) 20.
Monster's main competition is Red Bull, which isn't publicly traded and is owned by Austrian entrepreneur Dietrich Mateschitz.
Monster shares have risen 12.5% year to date.
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