Meanwhile, Bank of America cut Celsius Holdings ( NASDAQ: CELH ) to an Underperform rating from Neutral and slashed its price target to $32. Analyst Jonathan Keypour warned that Celsius's ( CELH ) demographic appeal and positioning for new usage occasions have now led to outsized exposure to category-wide slowdown, threatening market share. "With US distribution completed via the Pepsi partnership, CELH will need to source growth from shelf expansion despite flagging velocity and mounting competition," he noted.