Celsius (NASDAQ:CELH) stock is rising higher on Tuesday as investors react to an upgrade from Credit Suisse.
That upgrade has analysts at Credit Suisse boosting shares of CELH stock from a “neutral” rating to an “outperform” rating. For the record, the analyst consensus rating for CELH is “moderate buy.”
To go along with that upgrade, analysts at Credit Suisse also increased their price target for CELH stock from $110 to $120 per share. That represents a potential 33% upside from the stock’s latest closing price. It’s also bullish compared to the analyst consensus price target of $110.25 per share.
What’s Behind the Bullish CELH Stock Rating
Credit Suisse believes there are a couple of positive catalysts for CELH stock. That includes the fact that the energy drink company’s distribution agreement with PepsiCo (NASDAQ:PEP) is going well. The firm believes this offers strong long-term potential for shares.
As for CELH stock movement today, some 255,000 shares have changed hands so far this morning. That’s still a far ways off from the company’s daily average trading volume of about 879,000 shares. In addition to that, shares of CELH stock are up 2.2% as of Tuesday morning. For the record, the stock is still down 8.4% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.