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Benzinga
Benzinga
Business
Shivani Kumaresan

Guggenheim Turns Bullish On This Beverage Giant

  • Guggenheim analyst Laurent Grandet upgraded Coca-Cola Co (NYSE:KO) to Buy from Neutral with a price target of $66, up from $61, implying an 11.31% upside.
  • Grandet said the company is exiting the fiscal 2021 transition year "stronger."
  • The analyst added Coca-Cola is seeing strong emerging markets despite low vaccination rates and that its on-premise sales are recovering faster than expected.
  • Grandet thinks the company's portfolio rationalization should lead to a "more focused and agile organization" with gross margin benefits.
  • The analyst views Coca-Cola's valuation as "compelling" at current share levels and sees 12% annual earnings growth through FY23.
  • Price Action: KO shares are trading higher by 0.94% at $59.86 in premarket on the last check Tuesday.
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