BofA Securities analyst Jonathan Keypour downgraded Celsius Holdings, Inc. (NASDAQ:CELH) from Neutral to Underperform, lowering the price forecast to $32 from $60. Although the energy drink category had been consistently growing at a sustainable rate of +4-5% annually, the analyst notes that this growth began to decline earlier this year. According to the analyst, the slowdown in the category will have an outsized impact on Celsius. The analyst has not forecasted meaningful recovery until next summer. The slowdown was partly due to the company’s rapid growth rate since 2021, which has further …
