Coca-Cola (KO) PT Raised to $67 at Guggenheim

February 10, 2022 6:03 PM EST
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Price: $65.29 +0.15%

Rating Summary:
    21 Buy, 13 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 21 | New: 27
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Guggenheim analyst Laurent Grandet raised the price target on Coca-Cola (NYSE: KO) to $67.00 (from $66.00) while maintaining a Buy rating.

The analyst commented, "The Coca-Cola Company reported strong 4Q results that beat us and consensus, with organic revenue growth of 9% and EPS of $0.45 (GS and consensus $0.41) fueled surprisingly by developed markets. Management provided an above-long-term guidance organic revenue growth of 7-8%, and 5-6% EPS growth that include a 3-4% currency headwind that could prove conservative. We recently upgraded KO and remain BUY as we see the materialization of our thesis, specifically the gross margin benefit KO is getting from its incidence model and the recent acquisition of Body Armor. We are adjusting our EPS estimates in FY22 / FY23 to $2.48 / $2.72 (prev $2.50 / $2.71) due to a stronger FX impact, and are introducing our FY24 estimate of $2.97. We are raising our price target to $67 (prev $66) as we roll forward our earnings period."

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