德银将 Celsius 下调至持有但上调目标价至35美元，称核心品牌复苏推迟至2027年

Deutsche Bank Downgrades $CELH to Hold, Raises PT to $35 from $30

Analyst comments: "We upgraded Celsius to Buy in March based on our view that execution risks surrounding the core Celsius brand, Alani Nu integration, and portfolio transition were becoming increasingly reflected in the share price. At the time, CELH had fallen nearly 40% in a month, valuation had compressed materially, and we believed the combination of category growth, distribution gains, portfolio simplification, and idiosyncratic margin opportunities created an attractive risk/reward.

Since then, however, fundamental challenges have continued to mount. Rather than stabilizing as expected, core Celsius trends further weakened through 2Q26, revenue and profitability missed expectations, and management pushed out the timing of a meaningful recovery to FY27. Consequently, our confidence in the pace of reacceleration has diminished. While management continues to point to improving productivity on the core assortment and eventual benefits from optimization, innovation, and distribution gains, the path back to sustainable strong MSD+ growth increasingly appears to be more protracted.

These weaker fundamental considerations have been juxtaposed against a stock that has rallied roughly 30% over the past month. In our view, much of that rebound has been driven by growing investor expectations that external pressure from shareholders, activists, and the board could ultimately accelerate operational improvements, governance changes, or broader strategic actions. While such outcomes are clearly possible, they are difficult to underwrite with conviction and do not change our view that evidence of a durable recovery in the core Celsius brand is unlikely to emerge before calendar 2027."

Analyst: Steve Powers