Morgan Stanley is cutting the firm’s Celsius Holdings (CELH) estimates “again” following management comments at an investor conference that Pepsi (PEP) further reduced Celsius inventories in Q3 to date. The firm, which is lowering its Q3 and FY24 sales estimates by 29% and 10%, respectively, maintains an Equal Weight rating and $50 price target citing “continued anemic category growth” and soft Celsius market share trends, but says this is somewhat reflected in the stock pullback. The firm doesn’t see a catalyst until its trends in scanner data inflect positively, the analyst added.
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