Celsius Holdings price target raised to $70 from $60 at Needham

Needham analyst Gerald Pascarelli raised the firm’s price target on Celsius Holdings (CELH) to $70 from $60 and keeps a Buy rating on the shares. The firm is adjusting its model to reflect the Alani Nu transition into the PepsiCo (PEP) distribution system, along with the incrementality of Rockstar, the analyst tells investors in a research note. PepsiCo is the better distributor and should be able to drive higher distribution through different channels, especially c-store and foodservice, while also alleviating concern on the status of the Celsius relationship with PepsiCo after initially opting for a dual distribution network following the closing of the Alani deal, the firm added.