UBS Cuts Monster Beverage Price Target
Analyst Maintains Neutral Rating
UBS Group has lowered their price target on shares of Monster Beverage from $55.00 to $51.00 and reiterated a neutral rating on the stock.
The price target reduction comes after Monster Beverage reported weaker-than-expected earnings for the fourth quarter of 2023. The company also lowered its guidance for the full year, citing macroeconomic headwinds and increased competition.
Despite the price target reduction, UBS analyst Robin Farley maintained a neutral rating on the stock, saying that he believes the company's long-term growth prospects remain intact.
"We believe that Monster Beverage is a well-positioned company with a strong brand portfolio and a loyal customer base," Farley wrote in a note to clients.
"However, we believe that the current macroeconomic environment and increased competition will weigh on the company's near-term业绩. "
Other analysts have also been mixed on Monster Beverage in recent weeks. JPMorgan downgraded the stock to "underweight" from "neutral," while Credit Suisse maintained an "outperform" rating.
Monster Beverage shares are down about 10% year-to-date, but are still up about 50% over the past five years.
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