Jefferies says growth in sugar-free has expanded the energy drink category and reports that Red Bull’s new flavors are “doing very well,” gaining share from Celsius (CELH) and “to a lesser extent” Monster Beverage (MNST). Celsius grew the market, and Red Bull is expanding it, alongside other players like Alani Nu, argues the analyst, who doesn’t think the share gains will stop as Red Bull “has been a great executor, has a different playbook, and is in the early days of sugar-free flavors.” The firm has a Buy rating and $53 price target on Celsius and a Buy rating and $60 price target on Monster.
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