Jefferies lowered the firm’s price target on Celsius Holdings (CELH) to $98 from $104 and keeps a Buy rating on the shares after Celsius announced that Pepsi (PEP) is reducing inventories by $20M-$30M in Q2 following a $45M reduction in Q1. While this is “normal in year two of national distribution,” the amount is more than expected, says the analyst, who adds that 2024 growth remains encouraging “despite near-term noise.”
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