BofA lowered the firm’s price target on Celsius Holdings (CELH) to $26 from $32 and keeps an Underperform rating on the shares after Celsius management announced $100M-$120M of expected inventory drag impacting Q3, which is again caused by Pepsi’s (PEP) “more efficient inventory management.” This “appears to be a demand issue at its heart,” with retail consumption data indicating year-over-year sales could begin declining by the end of Q3, the analyst tells investors.
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