Stifel analyst Mark Astrachan attributes recent underperformance in Monster Beverage shares to concerns about share loss to Bang and Red Bull. He blames the share loss to Red Bull mostly on stronger growth in the prior year for Monster and timing of innovation, contending that underlying share trends are "more favorable for Monster than understood." Excluding new product launches, Red Bull year-over-year sales would have declined 1.0% in the 6-weeks ending March 24, compared to 1.2% growth for Monster, Astrachan estimates. Additionally, he believes Monster's launch of Reign is off to a strong start based on store visits and analysis of brand social media presence, the analyst said. He keeps a Buy rating and $67 price target on Monster Beverage shares.

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.