Stifel lowered the firm’s price target on Celsius Holdings (CELH) to $85 from $95 and keeps a Buy rating on the shares. The firm reduced its 2024-2025 sales estimates following company commentary at an investor conference that PepsiCo (PEP) further reduced Celsius inventories by $20M-$30M in Q2, the analyst tells investors. However, the firm adds that its analysis indicates Celsius inventories held by Pepsi are nearing equilibrium between sell-in and sell-through since the distribution changeover in Q3 of 2022, which it sees suggesting further meaningful reductions as “unlikely,” the analyst added.
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