Maxim analyst Anthony Vendetti lowered the firm’s price target on Celsius Holdings (CELH) to $50 from $65 and keeps a Buy rating on the shares. The firm cites the company’s announcement that PepsiCo (PEP) – its primary distributor – has reduced Celsius inventory on-hand by another $100M-$120M in Q3. Maxim adds however that company is outpacing the category by 10-times, and the firm expects its above-peer average growth to continue as it executes on its strategic initiatives.
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