As previously reported, BofA downgraded Celsius Holdings (CELH) to Neutral from Buy with an unchanged price target of $65. Celsius’ market share is “unexpectedly declining” and still down versus the August peak, notes the analyst, who says uncertainty around sales growth now weighs on “what had been a more favorable risk/reward profile” when the company had been benefitting from the momentum of the Pepsi (PEP) distribution deal. Competitive pressures are complicating the velocity recovery, the analyst added.
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