Celsius Holdings price target lowered to $83 from $85 at Wedbush

Wedbush lowered the firm’s price target on Celsius Holdings to $83 from $85 and keeps an Outperform rating on the shares. The firm notes that at a recent conference, Celsius’ management referenced further inventory optimization from PEP, which will impact Q2 revenue by an incremental $20M-$30M. The commentary was somewhat surprising to Wedbush, as PEP had already reduced its number of days on hand in the prior quarter and the incremental reduction comes ahead of the summer selling season, though to be fair, the partnership with PEP is still relatively new, and the longer it progresses, the more efficient PEP will become with managing their inventory levels.