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HomeBusinessMonster Beverage Drops on JPMorgan Downgrade

Monster Beverage Drops on JPMorgan Downgrade

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Monster Beverage (NASDAQ:MNST) shares fell more than 2% pre-market today after JPMorgan analysts downgraded the company to Neutral from Overweight, lowering the price target from $66 to $59. The downgrade comes just before Monster Beverage’s first-quarter 2024 earnings report on Wednesday, May 8th.
Despite the stock’s recent decline over the last month, the analysts see limited upside for the shares. They noted that anticipated price increases, previously a bullish argument, have lost their appeal due to rising aluminum costs and financial pressures on lower-income consumers in the U.S. and China. Additionally, both tracked and untracked sales channels show ongoing challenges, with data suggesting declines in household penetration and purchase rates.

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