Celsius Holdings Inc. (NASDAQ:CELH) shares fell 2.49% to $32.17 Friday afternoon, extending losses from Thursday after Deutsche Bank downgraded the energy-drink maker from Buy to Hold while maintaining its $35 price target. Deutsche Bank said core business trends weakened through the second quarter of 2026, with revenue and margins below expectations and management pushing the timeline for meaningful sales improvement to fiscal 2027. The bank's revised target follows an earlier increase from $30 and reflects a lower valuation bar rather than stronger confidence in near-term growth. The downgrade followed a roughly 30% monthly rally and earlier downgrades from Bernstein and Maxim after soft second-quarter results. Celsius reported second-quarter revenue of $817.9 million, below Wall Street's $870 million estimate, while flagship Celsius sales declined 11.7% year over year. Chairman and Chief Executive Officer John Fieldly said the company delivered double-digit second-quarter revenue growth, completed the Rockstar integration and kept gross margin near first-quarter levels despite commodity pressure. Management is focusing on assortment productivity, execution, inventory rebalancing and the broader beverage portfolio, including Alani Nu and Rockstar Energy, as investors assess whether the core brand can return to sustainable growth before 2027.