Celsius Holdings price target lowered to $30 from $45 at Truist

Truist analyst Bill Chappell lowered the firm’s price target on Celsius Holdings (CELH) to $30 from $45 and keeps a Hold rating on the shares. The firm is cutting its FY24 EBITDA view to $283M from $36M and its FY25 view to $389M from $430M after the management provided an adverse update on the business at an investor conference, including the disclosure of a $100M-$120M inventory destock for its largest distributor PepsiCo (PEP), the analyst tells investors in a research note. While the downward spiral of the stock over the past six months was due to the slowing top-line growth and U.S. market share stalling out in the 10%-11% range, this week’s announcement also brings into question not only the company’s forecasting visibility but also the nature of its PepsiCo relationship.