Celsius Holdings upgraded to Buy from Hold at TD Cowen

TD Cowen upgraded Celsius Holdings (CELH) to Buy from Hold with a price target of $55, up from $37. The company’s scanner trends have improved to flat from the high single digit sales decline seen in February, the analyst tells investors in a research note. The firm expects to see continued improvement through the summer as Celsius’ comps ease from 35% in May to 19% in June and 11% in July. TD believes management has “course-corrected execution” on the Celsius brand with strong innovation, nationwide expansions for last year’s retail exclusives, and marketing efforts like the recent “Live.Fit.Go” campaign to expand the appeal of the brand beyond its core fitness-focused audience. The energy category rebound more broadly has also provided a positive backdrop, the firm adds.