Celsius Holdings Inc. ($CELH), an energy drink manufacturer, has experienced a substantial decline in its market capitalization, dropping from a peak of $22.4 billion to approximately $5.1 billion, representing a 78% decrease over the past eight months. Currently, the stock is down 77% from its high less than a year ago. Despite these challenges, some analysts remain optimistic about the company's future. Notably, one analyst highlighted that Celsius has a forward price-to-earnings ratio near 20, nearly $1 billion in cash, and no debt, suggesting it could be a potential buyout target. However, concerns about competition and reliance on its distribution partner, PepsiCo ($PEP), have led some investors to hesitate at current valuation levels, which are around 32 times earnings.