Celsius Holdings (CELH) PT Lowered to $30 at Truist Securities

Truist Securities analyst Bill Chappell lowered the price target on Celsius Holdings (NASDAQ: CELH) to $30.00 (from $45.00) while maintaining a Hold rating.

The analyst comments "We are lowering our estimates and 12-month price target on Celsius. Yesterday, management provided an adverse update on the business at an investor conference including the disclosure of a $100-$120M inventory destock for its largest distributor PepsiCo (PEP, NR), in 3Q24. This destock will result in 3Q and FY24 sales and EBITDA coming in well below previous Street expectations. Our new revenue/EBITDA estimates for 2024, 2025 and 2026 are $1.42B/$283M (down from $1.57B/$356M), $1.68B/$389M (down from $1.80B/$430M), and $1.85B/$453M (down from $1.99B/$487M), respectively. Our new price target is $30 vs. $45 prior."

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