Monster Beverage: Poised for a Strong 2Q Print, Yet This Energized Outlook Is Reflected in Above-Historical Valuation

研报英文原文证据摘录

Monster Beverage: Poised for a Strong 2Q Print, Yet This Energized Outlook Is Reflected in Above-Historical Valuation

J P M O R G A N North America Equity Research

30 July 2026

Monster Beverage Neutral

MNST, MNST US

Poised for a Strong 2Q Print, Yet This Energized Price (29 Jul 26):$97.23

Outlook Is Reflected in Above-Historical Valuation ▲Price Target (Dec-27):$99.00 Prior (Dec-26):$83.00

We are previewing Monster Beverage (MNST, Neutral rated) 2Q26 earnings,

which is typically released during the first week of August. We are leaving our Beverage, Household & Personal

Care Products2Q26 top-line EPS estimates unchanged at +17.4%/$0.59, which is ahead of

consensus +15.1%/$0.58, and we slightly adjusted our 2026 top-line/EPS to reflect Andrea Teixeira, CFA AC

more updated FX (OSG unchanged), slightly better gross margin as aluminum (1-212) 622-6735

andrea.f.teixeira@jpmorgan.com

+MWP moderated a bit off peak, and slightly higher interest income, now

modeling for top line +16.3% (from +17.0%) and EPS $2.28 (from $2.27) vs. Drew Levine, CFA

(1-212) 622-0374

consensus top-line/EPS +15.3%/$2.30. drew.levine@jpmorgan.com

• Strong Momentum Continues, with Potential Upside from Competitive Shovana Chowdhury

Pricing Actions Ahead; but Valuation Looks Full, in Our View. MNST (1-212) 270-2184

shovana.chowdhury@jpmorgan.com

continues to execute and perform very well with ongoing category momentum J.P. Morgan Securities LLC

globally and more focus on internal initiatives (e.g., RGM, supply chain

productivity) that give investors confidence in both the top line and ability to

navigate margin headwinds. Competitive pricing actions by Red Bull in the Key Changes (FYE Dec)

U.S. slated to hit the market August 1 (+5-10% depending on package) could Prev Cur Δ