TD Cowen downgraded Celsius Holdings (CELH) to Hold from Buy with a price target of $29, down from $40. The firm’s retail tracking data indicates a deceleration in the company’s sales growth to 0.3% in the last four weeks ending January 11. Celsius shares are already well below its highs, but the valuation multiple could contract even further if the company goes “ex-growth,” the analyst tells investors in a research note. TD says heightened competition increases the risk of this scenario.
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