TD Cowen analyst Robert Moskow lowered the firm’s price target on Celsius Holdings (CELH) to $85 from $95 and keeps a Buy rating on the shares. The firm said recent management commentary suggests Pepsi (PEP) inventory reductions will be an incremental $20-$30M headwind in 2Q on top of $25M communicated at 1Q earnings. As a result they lowered their sales estimates to account for a further reduction in Pepsi’s inventory days.
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