Monster Beverage slumps on dour Q2
Updates
** Shares of Monster Beverage MNST.O fall as much as 13.7% to $43.32 in early trading, hitting over one year and nine months low
** 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 nine 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
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