UPDATE: Goldman Sachs Raises PT to $70 on Monster Beverage

Goldman Sachs raises its price target $6 to $70 on Monster Beverage (NASDAQ: MNST) as it reiterates its Buy rating on shares, on updated estimates and signals of stronger growth than thought on energy drinks.

Goldman Sachs says, "We raise our 2013E/2014E EPS estimates to $2.36/$2.85 from $2.34/$2.75, as our new analysis of the US liquid refreshment beverage (LRB) industry points to stronger energy drink category growth than we previously estimated. MNST is the proven winner in the energy drink category with strong brand loyalty, highly effective marketing programs, and an expanding brand portfolio with Monster Rehab (tea/energy brand) that is adding another leg to MNST's growth."

MNST closed at $57.67 a share yesterday.