Evercore says Celsius Q3 hit from Pepsi more significant than investors expected

Evercore ISI analyst Robert Ottenstein notes that Celsius Holdings (CELH) CEO John Fieldly spoke at an industry conference earlier and touched on current trends in the energy category, expectations for the future, and updated investors on the impact from Pepsi (PEP) optimizing inventory. Celsius said that it expects Pepsi putting through $100M-$120M less of orders this Q3 than in the prior year, notes the analyst, who believes that this impact is more significant than investor expectations heading into the quarter, adding that management noted last quarter that it believed inventories were “in a good spot,” while caveating “time will tell” what Pepsi would do. Evercore does not cover Celsius, which is down about 10% to $33.06 in afternoon trading.