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Fly News Breaks for May 9, 2018
MNST
May 9, 2018 | 08:31 EDT
Jefferies analyst Kevin Grundy lowered his price target for Monster Beverage to $62 and his fiscal 2018-2020 EBITDA estimates by over 4% following the company's "mixed" Q1 results. Organic sales growth of 13.6% topped expectations but gross margin missed, Grundy tells investors in a research note. He adds that while the April sales update of 11% was strong, the number is relatively in line and margin worries are likely to linger. The analyst sees "good value for patient investors" and keeps a Buy rating on Monster Beverage.
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