IE Business Daily Business news for the Inland Empire.
Wall Street still likes Monster Beverage and its energy drinks.
The Corona-based company’s stock was up two percent on NASDAQ most of Thursday after two analysts released positive recommendations regarding the company, according to a report in The Press-Enterprise.
Wells Fargo acted first, giving Monster Beverage an “outperform” rating. Shortly after that, BITG, an equity-advisory firm base in New York, issued a buy rating.
BTIG added that it believes concerns among some stock traders about Monster’s troubles with regulatory issues have been exaggerated. The state of New York and the city of San Francisco are currently investigating the safety of energy drinks, and a bill in Maryland that failed to get out of legislative committee would have banned the sale of those drinks to minors.
Monster Beverage currently has the largest share of the energy drink market in the United States and is gaining market share internationally, according to the report.
