Credit Suisse Raises Price Target on Coca-Cola Enterprises (CCE)

Credit Suisse raised their price target on Outperform-rated Coca-Cola Enterprises (NYSE: CCE) today from $31 to $32 following in-line Q1 results.

The firm raised raising 2012 EPS estimate to $2.36 from $2.26.

The analyst stated, "CCE continues to have many levers to drive EPS growth. The tax rate guidance of 26-28% could be conservative beyond 2011, we assumed no synergies from the acquisition of Norway and Sweden, and CCE has minimal raw material cost pressure relative to consumer peers and is hedged on 85% of input commodity costs. While no mention of the potential acquisition of Germany, we continue to believe that CCE does not need Germany and would only be interested at the right price, which should alleviate investors worried about a dilutive transaction."

For more ratings news on Coca-Cola Enterprises click here and for the rating history of Coca-Cola Enterprises click here.

Shares of Coca-Cola Enterprises closed at $28.51 yesterday.

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