Wall Street Analysts Just Trimmed Price Targets for These 10 Stocks

09. Monster Beverage Corporation (NASDAQ:MNST)

Price Reaction after the Price Target Cut: +1.10(+2.29%)

On June 17, Stifel Nicolaus revised its target price for Monster Beverage Corporation (NASDAQ:MNST) downward from $63 to $57 while maintaining a “buy” rating. Despite this adjustment, the market responded positively, with Monster Beverage Corporation (NASDAQ:MNST) stock price rising by 2.29% following the announcement. Monster Beverage Corporation (NASDAQ:MNST) reported robust financial performance in the first quarter of 2024, achieving record net sales of $1.9 billion, marking an impressive 11.8% increase compared to the previous year. This financial performance, however, was slightly below expectations, with normalized earnings per share at $0.42, missing estimates by $0.01. Additionally, revenue fell short of forecasts by $4.18 million. The company completed a substantial $3 billion share buyback program, repurchasing approximately 5.4% of its outstanding common stock, demonstrating confidence in its financial position and commitment to enhancing shareholder value. Looking ahead, Monster Beverage Corporation (NASDAQ:MNST) is preparing for a leadership transition in 2025, with Co-CEOs Rodney Sacks and Hilton Schlosberg slated to step down. The company continues to focus on sustaining its growth trajectory and reinforcing its market position in the competitive beverage industry.

Here is what Carillon Tower Advisers specifically said about Monster Beverage Corporation (NASDAQ:MNST):

“Monster Beverage Corporation (NASDAQ:MNST) develops and sells energy drinks and concentrates. The company’s shares outperformed, driven by an impressive earnings report highlighted by better than expected organic growth. Management also gave guidance that indicated a potential bottom in gross margins, as well as upcoming price increases that helped give investors confidence in its growth outlook.”