Celsius Holdings price target lowered to $68 from $98 at Jefferies

Jefferies lowered the firm’s price target on Celsius Holdings (CELH) to $68 from $98 and keeps a Buy rating on the shares. The firm expected the business to slow after doubling every year since 2020, but “not this fast,” and also did not expect the category to slow to 2.6%, the analyst tells investors. Celsius shares are down 14% year-to-date, while shares of energy drink rival Monster Beverage (MNST) are also down 14%, notes the firm, which is resetting expectations by dropping its 2024 revenue growth forecast to 20%, somewhat offset by EBITDA margin expansion later.