Celsius Holdings price target lowered to $75 from $87 at Roth MKM

Roth MKM lowered the firm’s price target on Celsius Holdings (CELH) to $75 from $87 and keeps a Buy rating on the shares. The energy drink category has seen a rapid sales deceleration in recent quarters, dropping from double-digit growth in Q3 of FY23 to basically flat or even down sales in recent weeks, with scan data also indicating that sales growth for Celsius products has slowed, the analyst tells investors in a research note. The firm adds however that Pepsi (PEP) recently made comments suggesting the current sluggishness in the energy category could be a function of consumers trading energy drinks for other hydration products amid hotter weather across the country.