Wells Fargo analyst Bonnie Herzog is "increasingly cautious" on Monster Beverage following her Q1 ''Beverage Buzz'' survey. Retailer contacts estimate that Monster's Q1 sales were up a "muted" 2.7% in convenience stores, well below their up 7.3% estimate for Q4, Herzog tells investors in a research note. She points out that retailers are now forecasting "only" 3.3% growth for Monster sales in 2019. The analyst lowered her Q1 U.S. net sales growth estimate for Monster by 50 basis points to 2.0% and sees a negative risk/reward into the company's Q1 results. Herzog lowered her price target for the shares to $53 from $54 and keeps a Market Perform rating on Monster Beverage. It is increasingly clear that the company's pricing is not fully sticking, says the analyst.

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.