Monster Beverage tumbles on dour Q2

Monster Beverage

08/08/2024 10:28

** Shares of Monster Beverage  MNST.O  down 7.2% at $46.90
premarket
    ** Energy drinks maker missed market expectations for Q2
sales on Wednesday as budget-conscious consumers kept a tight
lid on spending
    ** Co posts net sales of $1.90 bln vs estimate of $2.01 bln;
also misses Q2 profit estimates
    ** As many as four brokerages have trimmed their PTs
following results
    ** "Q2 was worse than feared," Jefferies (PT: $60) says
adding brokerage expected weakness, but not to the extent
reported
    ** Citi Research (PT: $54) says it continues to see
near-term downside given "scanner data weakness"
    ** "Cannot sugar coat it, a tough quarter for MNST
disappointed despite a low bar," says RBC Capital Markets (PT:
$60) 
    ** J.P.Morgan (PT: $50) says concerning is that slowdown
does not appear confined to the U.S. as international trends
decelerated as well
    ** As of last close, stock had fallen 12.3% YTD

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))