What Is Energizing Celsius Stock In Today’s Premarket?

Goldman expects the company to have a "long runway" of double-digit sales growth.

Shares of energy drinks maker Celsius Holdings, Inc. (CELH) rose over 2% in Thursday’s early premarket session. The positive stock reaction came after the stock snagged a bullish recommendation from Goldman Sachs.

Celsius stock has more than doubled (113%) this year.

According to a summary on The Fly, Goldman Sachs initiated coverage of Celsius stock with a ‘Buy’ rating and a $72 price target. The research firm believes that the Boca Raton, Florida-based company is one of the best growth stories in the consumer packaged goods sector. 

The firm’s analyst said the company operated in a "cyclically growing" better-for-you energy drink category that is growing and taking share in a competitive industry. Goldman expects the company to have a "long runway" of double-digit sales growth.

On Stocktwits, retail sentiment toward Celsius stock remained ‘neutral’ (53/100) as of Thursday morning, with the message volume at ‘normal’ levels.

Celsius announced a deal with PepsiCo. (PEP) in late August to strengthen its long-term strategic partnership. 

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