Goldman Sachs Removes Coca-Cola (KO) from Conviction Buy List, Cuts to Neutral
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Price: $42.97 -0.28%
Rating Summary:
8 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
8 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade KO Now!
Goldman Sachs downgraded Coca-Cola (NYSE: KO) from Conviction Buy to Neutral with a price target of $84 (up from $81), citing valuation which they say is near a historic premium versus the market and market share outperformance is moderating in its key markets.
After outperforming year-to-date, Goldman sees the company pausing near-term citing: (1) KO shares are trading at a 45% premium to the broader market, 1.6 standard deviations above its 10 year average; (2) while we still see KO delivering above-average fundamental performance, we see the gap narrowing versus its peers; (3) Third, we are seeing US market share outperformance moderating, as CSD share gains have stalled recently and KO is under-indexed to faster growth categories such as energy drinks and RTD tea.
For an analyst ratings summary and ratings history on Coca-Cola click here. For more ratings news on Coca-Cola click here.
Shares of Coca-Cola closed at $78.79 yesterday, with a 52 week range of $63.34-$81.33.
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After outperforming year-to-date, Goldman sees the company pausing near-term citing: (1) KO shares are trading at a 45% premium to the broader market, 1.6 standard deviations above its 10 year average; (2) while we still see KO delivering above-average fundamental performance, we see the gap narrowing versus its peers; (3) Third, we are seeing US market share outperformance moderating, as CSD share gains have stalled recently and KO is under-indexed to faster growth categories such as energy drinks and RTD tea.
For an analyst ratings summary and ratings history on Coca-Cola click here. For more ratings news on Coca-Cola click here.
Shares of Coca-Cola closed at $78.79 yesterday, with a 52 week range of $63.34-$81.33.
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