RBC Capital Upgrades Coca-Cola (KO) to Outperform
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RBC Capital analyst Nik Modi upgraded Coca-Cola (NYSE: KO) from Sector Perform to Outperform with a price target of $60.00 (from $55.00).
The analyst comments "When we downgraded KO in January, our rationale was pretty basic: KO was at our target and we had limited rationale to take up numbers given the surge in COVID cases. Needless to say, things have changed. The stock has retrenched and the COVID situation seems to have stabilized in the US and select international markets. We believe KO shares are poised to benefit from improved mobility (especially when the weather improves) and should emerge from COVID-19 stronger than it went in due to an organizational re-design. We are raising our PT from $55 to $60 and are upgrading to Outperform."
Shares of Coca-Cola closed at $50.79 yesterday.
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