Reiterate OW: Record MNST US Innovation Ramp Playing Out This Summer

研报英文原文证据摘录

Reiterate OW: Record MNST US Innovation Ramp Playing Out This Summer

Idea

July 2, 2026 09:30 AM GMT

Morgan Stanley & Co. LLCMMonster Beverage Corp | North America Dara Mohsenian, CFA

Equity Analyst

Reiterate OW: Record MNST US Dara.Mohsenian@morganstanley.comEric A Serotta, CFA +1 212 761-6575

Eric.Serotta@morganstanley.com +1 212 761-2370

Innovation Ramp Playing Out Patty Kanada, CFA

Patty.Kanada@morganstanley.com +1 212 761-1019

This Summer Kenneth Tan

Research Associate

Kenneth.Tan@morganstanley.com +1 212 761-4954

We are OW MNST, with strong category growth, int'l share Josh Haubenstock

gains, incremental value drivers from MNST mgmt., expected Research Associate

Josh.Haubenstock@morganstanley.com +1 212 761-1059

rebounding margins in 2027, and inflecting US share behind a

record innovation pipeline, the subject of today's note. Monster Beverage Corp (MNST.O, MNST US)

Beverages | United States of America

Reiterate OW Behind a Record US Innovation Ramp: Monster's building innovation Stock Rating Overweight

Industry View Attractive

contribution in the US in scanner data confirms our prior belief that the innovation Price target $103.00

pipeline is the best ever at the company, with innovations launched since last fall Shr price, close (Jul 1, 2026) $97.35

Mkt cap, curr (mm) $96,137

reaching 14.4% of US scanner data sales in the last four weeks from zero in Sept. 52-Week Range $98.31-58.09

2025. Short term, this supports continued MNST revenue upside vs consensus, Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

which we already model, but also long term we think management is focused more EPS ($)** 2.00 2.34 2.72 3.13

on a sustained innovation pipeline. Importantly, this strong pipeline reflects both a Prior EPS ($)** - - - -

P/E 38.3 41.6 35.8 31.1