Monster Beverage Shares Receive A Bump Following BTIG Initiation

In a note dated June 18, BTIG analyst Theo Brito initiated coverage on Monster Beverage (NASDAQ: MNST) with a Buy rating and announced a $90 price target.

Brito wrote, "We believe the market is overly pessimistic about prospects for the energy sector and for Monster's potential in foreign markets."

He continued by stating the regulatory overhang is unnecessary and sees little risk of more than a warning label be placed on energy drinks.

Looking to growth, Brito acknowledges the possibility of a slow down, but disagrees with the amount the market is predicting. Moreover, he sees Monster as being "meaningfully under-penetrated" in foreign markets.

Monster is trading up about one percent just after the opening bell.