Deutsche Bank Reinstates Coca-Cola European Partners (CCE) at Buy

Deutsche Bank reinstated coverage on Coca-Cola European Partners (NYSE: CCE) with a Buy rating and a price target of $47.Analyst Bill Schmitz thinks the company will overcome secular category headwinds.

"While carbonated soft drinks ("CSD") consumption trends remain weak, we see fundamental upside from share gains, growth in stills, synergies and cost savings using considerable free cash flow in shareholder-friendly ways. As with the old CCE, sweeping cash to reduce debt, opportunistically repurchasing stock, paying a reasonable and growing dividend and partnering with The Coca-Cola Company to fill strategic holes in the portfolio should drive value here. In this low-rate, slow-growing environment, we see Coca-Cola European Partners (CCEP) essentially as a bond with a growing annuity that supports our Buy rating and $47 target," said Schmitz.

For an analyst ratings summary and ratings history on Coca-Cola European Partners click here. For more ratings news on Coca-Cola European Partners click here.

Shares of Coca-Cola European Partners closed at $39.50 yesterday.

You May Also Be Interested In

• BofA Securities Starts GE Vernova (GEV) at Neutral, 'Multiyear turnaround amid positive demand backdrop'
• JPMorgan Starts IDFC First Bank Ltd (IDFCFB:IN) at Neutral
• Lockheed Martin (LMT) PT Raised to $487 at Deutsche Bank