Susquehanna analyst Pablo Zuanic reiterated a Sell rating on Coca-Cola European Partners (NYSE: CCE) yesterday and set a price target of $35. The company’s shares closed on Friday at $42.22.
Zuanic observed:
“We estimate Coke increased prices by 20-30% at large-format stores for regular colas (left Coke prices unchanged) following the the equivalent tax as per our math, and by more than Britvic in regular cola (Pepsi bottler).”
According to TipRanks.com, Zuanic is a 4-star analyst with an average return of 6.5% and a 56.1% success rate. Zuanic covers the Consumer Goods sector, focusing on stocks such as Constellation Brands Inc, Anheuser-Busch Inbev Sa, and Craft Brewers Alliance.
Currently, the analyst consensus on Coca-Cola European Partners is a Moderate Sell with an average price target of $40.50.
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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.
