UPDATE: Jefferies Starts Coca-Cola Enterprises (CCE) at Hold

(Updated - June 10, 2014 7:20 AM EDT)

Jefferies initiated coverage on Coca-Cola Enterprises (NYSE: CCE) with a Hold rating and a price target of $45.00.

Analyst Kevin Grundy comments, "CCE's shareholders have enjoyed the benefits of significant share repurchases in recent years ($2.6B in FY11-13) with sub-par FCF conversion augmented by a gradual increase in debt leverage. In many ways, this has masked CCE's deteriorating underlying performance. With leverage approaching targeted levels and the pace of buybacks therefore likely to slow, we see weak topline and profit growth becoming a more prominent focus for investors. Although, FY14-15 Street est. look reasonable."

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

Shares of Coca-Cola Enterprises closed at $45.66 yesterday.

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