04:40 PM EDT, 07/01/2024 (MT Newswires) -- Monster Beverage ( MNST ) has been "one of the best performing stocks" in the market for over two decades, but the shares have dropped more than 12% year to date amid volume growth and brand health concerns, RBC Capital Markets said in a note Monday.

The analysts said they were optimistic for Monster Beverage ( MNST ) due to improving market share in the US, its ongoing international expansion accounting for 40% of sales and anticipated growth opportunities from the recent appointment of Chief Growth Officer Rob Ghering.

Despite near-term pressures in the US market, the category is still growing significantly, outpacing overall beverage growth, and gaining new consumers, RBC said. The company faces challenges in international distribution and competition, particularly against Red Bull, but sees opportunities in innovation and expanding affordable brands.

RBC had an outperform rating and $64 price target for Monster.

Price: 49.70, Change: -0.20, Percent Change: -0.40