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Fly News Breaks for October 17, 2019
MNST
Oct 17, 2019 | 06:57 EDT
As previously reported, Cowen analyst Vivien Azer downgraded Monster Beverage to Market Perform from Outperform with a price target of $65, down from $69. Monster has ceded, on average, 220 basis points of dollar market share over the last six months and an average 210 basis points of market share over the last 12 months, Azer tells investors. Though market share losses have abated some in the most recent four-week period, "this market share shift seems to have legs" and the launch of Reign has not been a sufficient response to category disrupter, Bang, the analyst added.
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