February 28, 2023

Celsius Holdings shoots higher after Credit Suisse turns bullish

Posted By: ndeeney

Celsius Holdings (NASDAQ:CELH) shot up in early trading on Tuesday after the beverage stock was upgraded at Credit Suisse to an Outperform rating from Neutral.

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In a note to investors, analyst Kaumil Gajrawala and team updated that the transition by Celsius to the PepsiCo system is going well and the long-term potential from the switch is high,

Indications are that discretionary spending on energy drinks is holding up in the U.S.

“Every beverage player cited energy strength in December quarter results, including Coke, PepsiCo, Keurig, as well as Coke bottlers CCEP and CCH. Celsius is in the strongest sub-segment of energy. Per Nielsen, energy drinks consumption grew 14% in L4W (through Feb 11th), up from +10% in L52W. Category growth is the most important thing for a pure-play company.”

The firm upped its price target on CELH to $120 from $110.

Shares of Celsius Holdings (CELH) rallied 4.32% premarket on Tuesday to $93.91 vs. the 52-week trading range of $38.31 to $122.24.

Sector view: Food inflation is still running in the double digits – watch these stocks for pricing power.

Now read: SeaWorld tops estimates despite weather disruptions in Q4

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