Jefferies Raises Price Target on Coca Cola (KO) to $46 Following 3Q; Reaffirmed Guidance
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Jefferies reiterated a Hold rating on Coca-Cola (NYSE: KO), and raised the price target to $46.00 (from $45.00), following the company's 3Q earnings report. KO's 3Q EPS of $0.49 came in $0.01 ahead of Street est. with org sales growth of 3% relatively in-line. KO reaffirmed its guide for +3% org sales and for EPS to decline -4-7% in FY16.
Analyst Kevin Grundy commented, "We are modestly adjusting our FY16-18e EPS following KO's in-line 3Q report. Global macros remain volatile (incl. key EMs) and weakness in KO's bottling ops will likely keep the co.'s org sales growth below its 4-5% LT algo. Following 2Q guide-down, 3Q offered no real surprises and was a good step toward restoring investor confidence; however, we see a dearth of catalysts, Street est. look reasonable, and valuation looks full at 24x EV/ULFCF. Hold, PT to $46."
Shares of Coca-Cola closed at $42.44 yesterday.
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