Celsius Holdings Inc. (CELH): Sizable Lt. growth runway remains intact despite recent noise; Key takeaways from fireside chat with mgmt - Reiterate Buy

研报英文原文证据摘录

Equity Research

10 August 2026 | 12:00AM EDT

Celsius Holdings Inc. (CELH)

Sizable l.t. growth runway remains intact despite recent noise; Key takeaways from

fireside chat with mgmt - Reiterate Buy

CELH

12m Price Target: $45.00

Price: $27.77

Upside: 62.0%

Our View - We reiterate our Buy rating on CELH following a virtual

fireside chat we hosted on Friday (8/7) with CELH’s mgmt team

including: Chairman & CEO, John Fieldly and CFO, Jarrod Langhans.

Overall, we came away incrementally positive that CELH’s growth

(including for the Celsius brand) should begin to reaccelerate

heading into 2027 - albeit, recognizing some continued n.t.

headwinds - especially considering that mgmt continues to prioritize

getting Celsius’ top performing SKUs more, and improved,

shelf/cooler space. Heading into the fireside chat, we (and we think

investors) were hoping to gain more clarity from mgmt on what

drove the Q2 miss and what the growth trajectory of the business

(and for Celsius) looks like going forward - while also getting a better

sense of how Celsius’ SKU optimization is progressing, which per

mgmt’s own admission went too deep (i.e. cut too many SKUs).

Ultimately, what struck us the most - was that CELH’s relationship

with PEP remains strong - and is getting even stronger. Along these

lines, CELH mgmt is now working more closely with PEP (taking

advantage of their category captaincy) to become increasingly

aligned - with the ultimate goal of minimizing any meaningful

inventory rebalancing/destocking going forward. To us, this suggests

that CELH mgmt should now have better visibility into growth going

forward (not only for Celsius, but for Alani Nu & Rockstar as well) which we believe is something that investors will welcome.

Interestingly, mgmt indicated they might have more to share on all of

this in the coming months - which should be a catalyst for the stock.

Ultimately we give credit to mgmt for their transparency and candor

around the shortcomings of their SKU rationalization - and while this

will likely continue to weigh on results in Q3 & Q4 - we think 2026

represents a transition year for CELH, and mgmt is most focused on

…