Coca-Cola (KO) Estimates Cut at Jefferies Following Soft Q2

Jefferies analyst Kevin Grundy maintained a Hold rating and $44 price target on Coca-Cola (NYSE: KO) while lowering estimates following soft Q2 results

Grundy comments, "We maintain our Hold rating on KO's shares following soft 2Q results, which included modest volume downside vs. consensus (3% vs. Street 3.4%). We see KO's topline struggle as both secular (74% CSD volume exposure) and macro (+60% volume leverage to EMs, which have slowed). At 13x CY15 EV/EBITDA, it's difficult to argue for multiple expansion in the absence of a topline recovery, which seems unlikely to us in the current environment."

Q3 EPS goes from $0.54 to $0.53, FY 2014 EPS goes from $2.10 to $2.08 and FY 2015 EPS goes from $2.24 to $2.23.

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 $41.19 yesterday.

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