Celsius Holdings Inc CELH shares are trading higher Monday, bouncing back after falling more than 12% on Friday. The company announced an expansion to Canada, the U.K. and Ireland this week.
What To Know: Celsius shares closed down 12.7% on Friday after BofA Securities analyst Jonathan Keypour downgraded Celsius from Buy to Neutral and set a price target of $65, citing declining market share concerns and uncertainty surrounding sales growth.
The stock is bouncing back Monday morning after the company announced an expanded distribution arrangement including Canada and entered into a definitive sales and distribution agreement covering the U.K. and Ireland.
“We’re pleased to grow CELSIUS in new markets and provide energy to more consumers in moments big and small to help them achieve their goals,” said John Fieldly, chairman and CEO of Celsius.
“Our methodical approach to international growth will follow our proven playbook with support from the best distribution partners for our brand in each new market we enter.”
PepsiCo Inc PEP will serve as the exclusive distributor for Celsius in Canada and sales are set to begin this month. Suntory Beverage & Food will be the exclusive sales and distribution partner in the U.K and Ireland and sales are expected to begin this year.
CELH Price Action: Celsius shares were up 3.21% at $53.66 at the time of publication, according to Benzinga Pro.
Photo: Anrita from Pixabay.
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