Piper Sandler Reiterates Overweight Rating on Celsius Holdings (CELH)

Piper Sandler analyst Michael Lavery reiterated an Overweight rating and lowered its price target to $47 from $50 on Celsius Holdings (NASDAQ: CELH).

The analyst commented, "We are updating our model to allow for an incremental headwind from promotional discounting that still apply to the sales at retail as PEP (not covered) draws inventories down. We also temper our outlook for future quarters as US measured retail trends slow right down. We already updated for ~$120M of 3Q24 inventory de-stocking and now have built a model to give us a view of distributor inventory levels that makes us more comfortable it has reached appropriate levels (detailed inside note). We lower our 2024E sales estimate from ~$1,440M to ~$1,385M on adjustments to 3Q24 promotional discount levels and our 2025E estimate from ~$1,735M to ~$1,610M on modestly slower growth expectations. We lower our target from $50 to $47 (still ~6x 2025E EV/sales)."

For an analyst ratings summary and ratings history on Celsius Holdings click here. For more ratings news on Celsius Holdings click here.

Shares of Celsius Holdings closed at $32.80 yesterday.

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