UBS Cuts Price Target on Coca-Cola European Partners (CCE) to $38 Following 3Q
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UBS maintained a Neutral rating on Coca-Cola European Partners (NYSE: CCE), and cut the price target to $38.00 (from $41.00), following the company's 3Q earnings report. Across the board, CCEP was able to grow its portfolio as Sparkling brands grew +3.0% (with Coca-Cola trademark up +2.0%), sparking flavours and energy grew +6.5%, and stills grew +4.0%. EPS was reported at €0.66, slightly ahead of the consensus of €0.65. Revenues were flat.
Analyst Stephen Powers commented, "CCE delivered Q3 EPS of €0.66 (vs. UBSe/cons. of €0.63/€0.65) alongside flat revenues (vs. UBSe/cons. of -3.9%/-2.5%); however, organic growth was up +3.5% (vs. UBSe/cons. of +1.5%/+1.3%) driven entirely by volume growth (+3.5% vs. UBSe of +1.0%). The strongest regions included Iberia (+6.5%), N. Europe (+5.5%), and France (+1.0%) while Germany (-1.0%) underperformed and Great Britain was plagued by FX issues (-13.0%, but +3.0% organic). On the bottom line, EBIT margins slightly underperformed (+31 bps vs. UBSe of +50 bps). In addition to reiterating FY16 guidance of flat revenue and EPS of €1.86-€1.90, CCEP announced Damian Gammell will succeed John Brock as CEO just before calendar year end (12/28)."
Shares of Coca-Cola European Partners closed at $34.92 yesterday.
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