Coca-Cola (KO) Lower Following Analyst Downgrade
Shares of Coca-Cola (NYSE: KO) are down over 1% today after Credit Suisse downgraded the beverage giant to Neutral from Outperform and lowered its price target to $57, citing the recent strength in the dollar, competiton from Pepsi and a difficult North American market.
Credit Suisse said it is urgent that Coke deal with its broken North American model.
In its latest quartlery earnings report, Coke said that while worldwide unit case volume increased 3% in the quarter, North American unit case volume was flat due to a difficult operating environment.
Coke is currently trading at $53 per share with a 52-week range of $49.44 - $65.59.
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