Citi analyst Wendy Nicholson points out that the Monster Energy (MNST) brand holds a 2% market share in Brazil, far below Red Bull's market share of 53% in the country. Monster has a "significant opportunity for robust growth in the coming years" in Brazil, Nicholson tells investors in a research note. She notes that Monster took share from Red Bull when entering the Mexico market. The analyst keeps a Buy rating on the shares with a $199 price target.

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Truist downgraded Monster Beverage to Sell from Buy with a price target of $46, down from $65.

JPMorgan analyst Andrea Teixeira downgraded Monster Beverage to Neutral from Overweight with a price target of $59, down from $66, ahead of the company's Q1 earnings report on May 8. While the shares have already sold off, there are limited catalysts to the upside at this point as "long-hoped for potential price increases somehow lost their attractiveness" due to the latest run up in aluminum prices and an already-stretched lower income consumer, the analyst tells investors in a research note. Moreover, the firm says Monster's tracked and untracked channel trends are still challenged and it appears that household penetration and buy rates are pressured.