Celsius Holdings price target lowered to $90 from $110 at Maxim

Maxim lowered the firm’s price target on Celsius Holdings (CELH) to $90 from $110 but keeps a Buy rating on the shares. The company’s largest distributor, PepsiCo, (PEP), has likely reduced Celsius inventory on-hand by another roughly $20M-$30M per quarter, which is in addition to a decrease of inventory on hand in Q1 that negatively impacted revenue by $20M, the analyst tells investors in a research note. The latest Nielsen and Circana scanner data is also indicating that several of Celsius metrics declined slightly over the last 1-3 weeks on a y/y basis, including sales growth, market share, and velocity, the firm added.