After examining North America inventories of Celsius (CELH) held outside of the company, by main distribution partner PepsiCo (PEP) and all other partners, Stifel concludes that “channel inventories will essentially be nil” at the end of Q3. The firm, which thinks this suggests further material inventory destocking is unlikely and that shipments could again exceed end-demand into early 2025 should company and energy drink category sales accelerate over the next 6-9 months, as it anticipates, keeps a Buy rating and $51 price target on Celsius shares.
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