Monster Beverage Analysts Cut Their Forecasts Following Weak Q2 Results

Monster Beverage Corporation MNST reported worse-than-expected second-quarter financial results on Wednesday.

Monster Beverage reported quarterly earnings of 41 cents per share which missed the analyst consensus estimate of 47 cents per share. The company reported quarterly sales of $1.90 billion which missed the analyst consensus estimate of $2.01 billion.

Hilton H. Schlosberg, Vice Chairman and Co-Chief Executive Officer, said, “The energy drink category in the United States and in certain other countries experienced lower growth rates in the second quarter. Retailers have reported a reduction in convenience store foot traffic and we have seen a shift at retail towards more mass and dollar channels. Other beverage and consumer packaged product companies have also seen a tighter consumer spending environment and weaker demand in the quarter.”

Monster Beverage shares fell 0.5% to close at $50.53 on Wednesday.

These analysts made changes to their price targets on Monster Beverage following earnings announcement.

Piper Sandler analyst Michael Lavery maintained Monster Beverage with a Neutral and lowered the price target from $59 to $46.

Wells Fargo analyst Chris Carey maintained Monster Beverage with an Overweight rating and cut the price target from $59 to $57.

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