Deutsche Bank Trims Volume and CY13 Estimates on Coke (KO) and Pepsi (PEP)

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Deutsche Bank lowered volume growth estimates and EPS on Coke (NYSE: KO) and PepsiCo (NYSE: PEP). The firm is maintained a Buy on both with price targets of $42 and $75, respectively.

The firm lowered Coke 2013 volume growth to 3.5% (from 4.5%) as global CSD consumption continues to slow. They lowered CY13 EPS to $2.15 from $2.18 on lower volume and leverage.

The firm lowered PepsiCo volume to 2.3% (from 3.5%) on weak global consumption trends. They lowered CY13 EPS to $4.36 from $4.41 on lower volume and leverage.

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