Coca-Cola European Partners (CCE) Receives a Hold from Jefferies

In a report released today, Kevin Grundy from Jefferies maintained a Hold rating on Coca-Cola European Partners (NYSE: CCE), with a price target of $46. The company’s shares opened today at $44.10, close to its 52-week high of $44.83.

Grundy observed:

“While not entirely unexpected, CCEP raised its FY18 outlook and announced a €1.5B share repo. program at its Capital Markets Day. Nielsen data has been very strong and there was growing expectation of a buyback announcement as the co. approached its leverage target. Great operators and M&A optionality w/CCBA is still in play; however, fundamental catalysts have played out and valuation looks punchy at 11x EV/ULFCF (vs. bottlers 9x / 17x). Unsurprising lift to co.’s FY18 outlook ahead of Favorable weather has driven a blistering start to 3Q in the CSD category up +8.2% 12-wks ended Aug. 12 in Nielsen channels (link), driving CCEP to unsurprisingly edge its FY18 outlook modestly higher today ahead of its Wiesbaden, Germany. The company now expects: (i) org sales growth of 2-2.5% (vs. low-single-digits previously); (ii) FX neutral op profit growth toward top end of 6-7% (vs.”

According to, Grundy is a 4-star analyst with an average return of 8.6% and a 66.8% success rate. Grundy covers the Consumer Goods sector, focusing on stocks such as Skyline Champion Corporation, Constellation Brands Inc, and Edgewell Personal Care.

Currently, the analyst consensus on Coca-Cola European Partners is a Hold with an average price target of $43.

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Based on Coca-Cola European Partners’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $349 million. In comparison, last year the company had a net profit of $328 million.

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Coca-Cola European Partners Plc engages in the distribution and sale of ready-to-drink beverages. IT operates through the following brands: Coca-Cola, Diet Coke or Coca-Cola Light, Coke Zero, Coca-Cola Life, Fanta, and Sprite. It also offers energy drinks, waters, juices, sports drinks, and ready-to-drink teas.