Credit Suisse analyst Kaumil Gajrawala upgraded Celsius Holdings (CELH) to Outperform from Neutral with a price target of $120, up from $110. The analyst expects "more than a one-time bump" in 2022 from the company’s PepsiCo (PEP) distribution gains, saying the gains will continue throughout 2023. Recent comments from Pepsi and the latest data from Nielsen support that the Celsius integration into the Pepsi portfolio has gone very smoothly and the brand keeps gaining market share behind improved distribution, the analyst tells investors in a research note.
Published first on TheFly
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