Barclays on Coca-Cola (KO): 'one of the most owned names in our space and we think today’s update will bolster this position'
Barclays analyst Lauren Lieberman reiterated an Overweight rating and $73.00 price target on Coca-Cola (NYSE: KO)
The analyst comments "KO is surely one of the most owned names in our space and we think today’s update will bolster this position, notwithstanding the 1% reduction in FXN EPS forecast for the year. To this point, tariffs were referenced in the release as being manageable and as we understand it, no pricing plans have yet been decided upon within the US System. Organic revenue growth was +6% but we think net of concentrate shipment timing was closer to the Street’s 5% estimate. North America volume was softer than expected, as we worried could be the case given exposure to consumer boycotts, but this was comfortably made up for with stronger price/mix as has been the case over the past several quarters. Asia Pacific volumes were a particular standout with unit case volume +6% and reflecting strong activations in India and China."
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Shares of Coca-Cola closed at $71.79 yesterday.