Coca-Cola (KO) PT Raised to $59 at Jefferies Expecting a Beat/Raise

Jefferies analyst Kevin Grundy raised the price target on Coca-Cola (NYSE: KO) to $59.00 (from $57.00) ahead of results on Wednesday 7/21 BMO expecting a beat and raise quarter.

The analyst reiterated a Hold rating, stating "While KO gave little color intra-qtr other than the "asynchronous" global recovery, trends in on-premise/ foodservice in DMs (US most notably) have clearly been stronger than expected and read-throughs from PEP's 2Q (+). Post recent stock out-performance and at ~25x P/E, bar is higher into print".

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